New York Homeowners Face Rising Insurance Premiums Amid Profit Gains

New York homeowners are experiencing rising insurance premiums amid a backdrop of increasing insurance company profits in the state. Lawmakers are scrutinizing the flow of insurance revenues, considering whether New Yorkers are subsidizing insurance costs in other regions. Across the U.S., extreme weather events such as wildfires in California and hurricanes in Florida are exacerbating the homeowner's insurance market, leading to higher costs and reduced coverage availability, which impacts underwriting and risk management strategies.