A joint public hearing will be held in New York to discuss the rising cost and limited availability of insurance for residential properties. The hearing is scheduled for November 18, 2025, at 250 Broadway in Manhattan. It will focus on the property/casualty and liability insurance markets for residential properties in the state. Lawmakers will consider possible legislative and policy changes to improve access, affordability, and stability for property owners. Oral testimony will be by invitation only.
In recent years, homeowners and operators of multifamily properties in New York have seen insurance premiums increase. Some have had difficulty obtaining or keeping coverage, which has raised concerns about financial pressure on property owners. The Department of Financial Services (DFS) oversees these insurance markets to promote stable and affordable coverage. However, many property owners are finding it harder to get the insurance they need.
The challenges in New York’s insurance market are similar to those seen across the country. Over the past decade, the property/casualty insurance sector has been affected by climate-related disasters, higher reinsurance costs, and inflation. Events such as wildfires in California and Hawaii and flooding in Texas and North Carolina have led to more claims and changes in insurer practices, including market withdrawals and coverage limits in some states…