LI Investment Property Insurance w/NYPUI (New York, Long Beach: real estate, homes, live in)

[pmlongbeach]

This past year insurance companies that was previously insuring my legal 2 family (investment properties) that was NOT lived in by the me as the owner made notification to the owner's that they would NO longer be insured. The investment properties are located in Long Beach, LI, therefore, as a result I could only obtain wind/storm damage insurance (that meets the morgage cos. satisfaction) with New York Property Underwriters Insurance - NYPUI only provides a bare bones policy for high $$$$$. Does anyone know why the insurance company's dropped existing customers and forced owners/investors of real estate (near the ocean) to get insurance from NYPUI; merely because you don't live in it??? I guess I am grateful that I am not affected (at least not yet) nor have I been forced to obtain NYPUI policy for my primary residence that I do live in?

[bertorusso]

Unfortunately, insurance companies are becoming very restrictive and selective on homes they insure that are in close proximity to the water. Long Beach, Long Island of course falls into this catagorie. I have had success with the following agent on Long Island: Long Island Insurance – The Source for Long Island and Staten Island Car, Home, and Life Insurance , however my homes are on canals, not on a barrier island such as Long Beach or Fire Island. Good luck with your search.

[longislandmike]

Did anyone say, "red lining" ?

What my understanding is, that ALL insurance companies took such a "hit", they made up, in phases, for the BIG LOSSES !

First, they "discontinued", people who did NOT have auto insurance with the same company...no matter how long they were good, no claim, customers. I believe, ALL STATE, was the first one to do this.

Then, the insurance companies "discontinued", people who were long time customers, and had BOTH car and home insurance.

They red-line if you have ANY close proximity to the water...I'm talking about even four or five miles away !

Nice of em, huh ?