State lawmakers aiming to help Long Island homeowners who were dropped by their insurance carriers because of where they live didn't reach their goal Tuesday.
Separate bills designed to prevent insurance companies from dropping a large amount of customers in one region passed in the state Senate and Assembly. Neither made it through the other house, though.
The issue arose after insurance companies stopped covering thousands of Long Island homes, citing concerns about hurricanes and other natural disasters. According to the state Senate Insurance Committee, insurance providers failed to renew coverage for 8,000 homeowners in Suffolk and 6,700 homeowners in Nassau since January.
St. Sen. Kenneth LaValle (R-Port Jefferson) said he hopes the state insurance superintendent can pressure companies to come to an agreement.
Allstate Insurance released a statement saying, "We must manage our exposure to catastrophic risk and reduce our high market share."
Allstate spokeswoman Krista Conte added, "We have an obligation to be a financially strong insurer."
To watch the complete interview with Sen. LaValle about the insurance issue, go to channel 612 on your iO digital cable box and select iO Extra.