A New York agents group is warning its membership that another unnamed "major carrier" may be dropping homeowners insurance in some areas of the state.
The caution by an executive of the Professional Insurance Agents of New York came during a legislative activity session for agents at the state capital in Albany.
Ellen D. Kiehl, PIANY assistant executive director for government and legislative affairs, warned the group that the insurance industry "is a very psychological market, and once one company makes that type of announcement [to nonrenew in a particular area of the state], it sets off a chain reaction and other companies become wary of all the new business that may come on to the market."
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