New Yorkers are being overcharged for auto and homeowners insurance while receiving reduced coverage, according to data released by consumer groups led by the Consumer Federation of America (CFA).
Following up on a national study released in January that reached similar conclusions, CFA said the problem is particularly acute in New York, where loss ratios are significantly lower than the national averages for auto and homeowners insurance.
“In the last quarter century, New York has gone from being one of the best to merely mediocre in protecting consumers from unfair insurance rate hikes,” said J. Robert Hunter, CFA's director of insurance.
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