Res. No. 109
Resolution calling on the New York State Legislature to pass and the Governor to sign legislation establishing a state-owned and state-funded homeowners insurance program to serve as an insurer of last resort
By Council Members Morano, Louis, Salaam, Wong, Brooks-Powers, Banks, Paladino, Vernikov and Ariola
Whereas, Homeowners insurance provides financial protection to consumers by covering damage or destruction of a home caused by fire, weather, or other covered disasters; and
Whereas, Homeowners insurance premiums are payments insured homeowners make at regular intervals to maintain active insurance coverage; and
Whereas, Non-renewal of homeowners insurance occurs when an insurer declines to renew an insurance policy upon its expiration; and
Whereas, The National Association of Insurance Commissioners states that homeowners insurance is important because, for many consumers, their home is their most valuable asset, and protecting its structure and contents is essential to housing stability and the economic security of homeowners; and
Whereas, Homeowners insurance premiums have risen sharply in recent years, with the New York Times reporting that the typical U.S. household paid 33 percent more for home insurance in 2023 than in 2020, exceeding the inflation rate of 19 percent over the same period; and
Whereas, The New York Times reported that since 2018, more than 1.9 million home insurance policies nationwide have not been renewed by insurers; and
Whereas, The Wall Street Journal has recently reported that homeowners are increasingly forgoing homeowners insurance due to high premiums, and the U.S. Senate Budget Committee has estimated that 67 percent of homes nationwide are underinsured due to the unaffordability or unavailability of coverage; and
Whereas, The U.S. Senate Budget Committee found, and the New York Times reported, that in 2023, 1 out of every 174 homeowners insurance policies in New York were not renewed; and
Whereas, In New York City, homeowners insurance premiums have risen significantly, with the New York Times reporting that between 2018 and 2024, annual insurance costs increased by an average of 18 percent in Bronx county, 26 percent in Kings county, 2 percent in New York county, 20 percent in Queens county, and 23 percent in Richmond county; and
Whereas, In New York City, non-renewal rates have increased substantially, with the New York Times reporting that between 2018 and 2023, non-renewal rates have increased by 73.1 percent in Bronx county, 92.4 percent in Kings County, 230.2 percent in New York county, 52.5 percent in Queens county, and 25.7 percent in Richmond county; and
Whereas, New Yorkers unable to obtain homeowners insurance in the private insurance market may seek coverage through the New York Property Insurance Underwriting Association (NYPIUA), a group of private insurers that jointly share the association’s expenses, profits, and losses; and
Whereas, NYPIUA is not a permanent program but operates under temporary statutory authority that must be periodically renewed by the state legislature; and
Whereas, NYPIUA states on its website that its coverage is limited and sold at premiums higher than those offered in the voluntary market; and
Whereas, NYPIUA may address the availability of coverage for homeowners facing non-renewal or denial of insurance coverage, but it does not address the affordability of homeowners insurance for many New Yorkers; and
Whereas, Homeowners insurance is governed by the Insurance Law and regulated by the Department of Financial Services; and
Whereas, The New York State legislature has the authority to amend the Insurance Law to establish a state-owned and state-funded homeowners insurance program to serve as an insurer of last resort that would offer insurance at affordable premiums to New York homeowners unable to obtain coverage in the private market; now, therefore, be it
Resolved, That the Council of the City of New York calls on the New York State Legislature to pass and the Governor to sign legislation establishing a state-owned and state-funded homeowners insurance program to serve as an insurer of last resort.
HK
LS #20879, 20873
1/16/2026 2:30 PM