Council Member Morano on homeowners insurance rate cap resolution
Council Member Morano speaks on Resolution 395, his first resolution, urging Albany to prohibit homeowners insurance rate increases exceeding 25% per year. He notes average premiums rose over $1,000 since 2020 and nearly half a million NYC homeowners are uninsured.
Councilmember Morano, followed by Brewer.
Thank you, Majority Leader.
I rise today with a great deal of pride in Resolution 395.
This is the first resolution of mine that I hope will pass the New York City Council, and I really couldn't be prouder that it's won.
One aimed squarely at helping homeowners and making this city a little bit more affordable.
Wherever we fall on the political spectrum, affordability is a key word.
And I want to thank the Speaker for her leadership and support and the committee for advancing this resolution and the entire council for supporting it.
Since 2020, New York homeowners have seen average insurance premiums rise by more than $1,000.
Nearly half a million New York homeowners are completely uninsured, and that's an affordability crisis hiding in plain sight.
And this resolution simply urges Albany to pass a bill which would prohibit homeowners'insurance rates increasing more than 25% in a single year, except when otherwise agreed to in the policy.
Let's put that in perspective.
25% is still a pretty generous definition of relief.
If Con Ed announced a 25% increase tomorrow, we'd probably have three hearings and a press conference a day.
Thank you for your support.
You got it.