While affordability is still an issue, insurance coverage is now widely available in coastal areas of New York, according to the New York Insurance Association (NYIA). Addressing a public hearing before the Assembly Standing Committee on Insurance, Ellen Melchionni, vice president of NYIA, said the state’s FAIR plan, the New York Property Insurance Underwriting Association (NYPIUA), has led to a more stable market. While there may still be some availability concerns for new business located within 1,500 feet of coastal waters on Long Island and in New York City, the market is now fairly stable and no longer experiencing the market dislocation of the mid-1990s, according to the industry. According to Melchionni, many insurers have begun to offer co-insurance, windstorm deductibles or percentage of value coverages. These non-standard policies are becoming more commonplace, she said.
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