Speaker Menin: Rising insurance costs burdening New Yorkers and small businesses
Speaker Menin details rising insurance costs: homeowners insurance up 26% annually, liability insurance up 10%, small businesses paying 4-5 times the national average, and auto insurance 52% higher than other states. She announces an investigation into insurance pricing.
So whether or not you own a dog, one quality of life issue that affects all New Yorkers is, of course, affordability.
And one factor driving this crisis is rising insurance costs, costs that are some of the highest in the country.
Homeowners insurance in New York has been increasing by 26% annually.
Liability insurance across all industries in New York has been increasing by 10% annually.
If you're a small business in New York, you will be paying four to five times the national average on liability insurance.
If you own a car in New York,
Auto insurance for New Yorkers is around 52% higher than in other states.
These costs pose enormous burdens on New Yorkers, but small businesses in particular.
And for many small businesses are forced.
to raise their prices or go out of business because of the high cost of insurance.
It's no wonder that our city lost 8,000 businesses in the second quarter of 2025 alone.
Our office will investigate why insurance prices are so high so that we can take steps to lower them.
We'll engage insurers, stakeholders, and regulators so we know exactly what actions we need to take moving forward.
We are determined to create a livable city.
For all and that means an affordable city for all as well.