Property and casualty insurers in New York are prohibited from asking owners whether a tenant receives financial assistance from the government, and making coverage decisions based on a building’s designation as affordable housing, state financial services regulators said on Monday.
Resulting from legislation signed into law by Gov. Kathy Hochul in April, the limitations include prohibiting insurers from canceling, refusing to issue, refusing to renew or increasing a policy’s premium based on the property’s classification as an affordable housing development, or containing affordable units.
