The annual rite of crisis for more than 57,000 home and business owners in New York is about to unfold again as the state's FAIR plan is set to expire at the end of the month.
The New York Property Insurance Underwriting Association, the state's residual market plan for homeowners, is set to expire on June 30 if the legislature does not take action before then to renew its operating authority.
According to the office of Assemblyman Alexander "Pete" Grannis, D-Manhattan, who has advocated permanent authorization of NYPIUA in the past, more than half of the plan's policyholders, over 30,000, are home and business owners in New York City, while 25 percent, over 14,000, are property owners on Long Island. The remainder cover properties throughout the rest of the state, with 12 percent in six major counties or cities.
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