U.S. Senator Charles E. Schumer, D-N.Y., has blasted State Farm for the company's "arbitrary and capricious decisions" to cancel homeowners insurance policies for Long Island residents.
Sen. Schumer issued a press release that stated he has received "several calls in the last six months" from residents of Long Island who have had their policies cancelled, according to a report in Newsday. He cited concerns that homeowners would be forced to carry insurance with higher premiums and less favorable terms because of State Farm's decision.
State Farm and other insurers have taken steps to cancel and/or non-renew some homeowners policies in coastal areas since Hurricane Katrina slammed the Gulf Coast in 2005. Insurers have cited the potential danger of a major hurricane tracking along the East Coast up to New England as the reason for wanting to reduce their coastal exposure.
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