Skip to Content



Homeowners Insurance Market Continues to Improve

Superintendent Neil D. Levin today announced the release of the Temporary Panel on Homeowners’ Insurance Report, which has concluded that the market for affordable and available homeowners’ insurance continues to improve in New York State.

"We are pleased that the report indicates that the homeowners’ insurance market is a stable one for New York State consumers," said Levin.

The report specifies that the New York homeowners’ insurance market continues to improve as fewer New Yorkers are turning to the New York Property Insurance Underwriting Association (NYPIUA), New York’s insurer of last resort. The number of residential insurance policies written by NYPIUA has leveled off and the number of new policies continues to decline. In addition, the Report states that the property/casualty industry is better positioned to withstand catastrophic events than it was during the greater part of the 1990s.

Recommendations from the Report include:

  • Insurers should offer policyholders an option of lower deductible amounts if significant mitigation efforts are undertaken by consumers to help reduce potential losses;
  • Insurers should offer full and adequate disclosure of deductibles to consumers,
  • The public should be educated regarding homeowners’ coverage both prior to and during the hurricane season; and
  • A statewide catastrophe insurance fund in New York State is not necessary at this time.

In addition the Report noted there continues to be an overabundance of capacity in the reinsurance market, and that additional capacity from the capital markets continues to expand.

In 1996 the Temporary Panel, comprised of members appointed by Governor Pataki and the leadership of the New York State Legislature, was created to study the affordability and availability of homeowners’ insurance coverage in the Empire State in response to tightening in this marketplace. This is the fourth consecutive year that the Temporary Panel pointed to the efforts of the Governor, the Insurance Department, the Legislature and the insurance community in improving the availability of homeowners insurance in coastal communities.


Link to DFS Portal

About DFS

Contact DFS

Reports & Publications


Laws and Regs

Connect With DFS

DFS Facebook page

Follow NYDFS on Twitter