Crisis Alert
The Storm Before the Storm: A Crisis Unfolding
Across the country, climate-fueled disasters are affecting millions of Americans, and New York is no exception. Wildfires, hurricanes, flooding, and extreme storms are becoming more frequent and more destructive, threatening the safety and security of our communities.
At the same time, insurance companies are raising premiums, cutting coverage, or pulling out entirely from high-risk and underprivileged areas. Families who have lived in their homes for generations are suddenly finding themselves unable to afford the protection they need.
According to the New York Housing Conference, New Yorkers’ insurance premiums are increasing an average of 26% annually, while coverage is decreasing or difficult to find in many parts of the state. This steep and rapid escalation of costs in insurance premiums is already putting existing affordable housing under serious financial strain and making it more difficult to finance new affordable housing.
Between 2019 and 2023, the average insurance cost per affordable unit jumped 103% from $869 to $1,770 in New York City, and nearly 1 in 5 affordable housing developers say they’ve had to pause projects due to insurance challenges. Owing to skyrocketing insurance rates affordable housing developers canceling projects and rent increases being passed on to renters.
Between 2019 and 2023, the average insurance cost per affordable unit jumped 103% from $869 to $1,770 in New York City, and nearly 1 in 5 affordable housing developers say they’ve had to pause projects due to insurance challenges. Owing to skyrocketing insurance rates affordable housing developers canceling projects and rent increases being passed on to renters.
This isn't just a climate justice issue. It's a housing justice issue, an economic justice issue, and a racial justice issue. And without immediate action, the crisis will only deepen, leaving vulnerable New Yorkers exposed.
Who Pays the Price?
Air pollution in New York City caused by wildfires in Canada in 2023.
Major insurers have left multiple states or stopped issuing new homeowner policies in places like California, Florida, and Louisiana. And bills are landing hardest on low-income, BIPOC, and coastal communities, who already face disproportionate climate harm.
Millions of people are being priced out of the insurance market entirely, putting families, neighborhoods, and entire regions at risk. The pattern is clear: those who contributed least to the climate crisis are bearing the heaviest burden of its consequences.
In New York, we're seeing early warning signs. Premiums are rising. Coverage is shrinking. Communities are being left behind. We must act now before the crisis becomes catastrophic.
The Hypocrisy
Insure Our Communities, Not Fossil Fuels
1
The Problem
The insurance industry's main response to this crisis has been to pass the burdens of climate-driven payouts onto consumers, including millions of hard-working New Yorkers. Families are paying more for less protection.
2
The Hypocrisy
Even as insurance companies respond to the climate-driven insurance crisis by abandoning communities and passing costs on to consumers, they continue to invest in and underwrite the very coal, oil, and gas companies that are fueling the flames of the climate crisis.
3
The Solution
The Insure Our Communities Act tackles both of these challenges at once, demanding that insurers serve the communities they're meant to protect while confronting the root causes of climate risk.
THE BILL
The Insure Our Communities Act (IOCA)
A first-in-the-nation bill that tackles two connected crises: rising insurance costs and climate-driven risk. IOCA represents a bold, comprehensive approach to protecting New Yorkers while addressing the systemic causes of the insurance crisis.
Comprehensive Protection
IOCA creates a framework that keeps insurance affordable and accessible while ensuring that insurers can't abandon vulnerable communities or pass unlimited costs onto working families.
Climate Accountability
For the first time, insurers will be required to account for their role in both mitigating and contributing to climate risk, creating real incentives for responsible corporate behavior.
Key Provisions
Keep Insurance Affordable & Fair
01
Stop Unjustified Premium Hikes
Require real transparency from insurers and prevent arbitrary price increases that hurt families. Every rate change must be justified with clear data and rigorous review.
02
Guarantee Access for All Communities
Ensure coverage for all communities, especially those historically targeted by redlining and discriminatory practices. No neighborhood will be left without options.
03
Strengthen Consumer Protections
Ensure families aren't dropped, denied, or pushed into unaffordable plans. Create real accountability when insurers fail to serve their customers fairly.
What This Means for You
If you've experienced rising premiums or difficulty getting coverage, IOCA provides tools to fight back and ensures that regulators have the power to protect consumers from predatory practices.
Why New York Must Lead
New York has always been at the forefront of progressive policy and climate action. The Insure Our Communities Act continues that tradition, offering a model for other states facing similar crises.
By passing IOCA, New York will send a clear message: we protect our communities, not corporate profits. We demand accountability from an industry that has benefited from our premiums while contributing to the very disasters that threaten our homes.
The climate crisis is here. The insurance crisis is here. But solutions are within reach if we have the courage to act. New Yorkers deserve leadership that puts families first.
Community Protection
Prioritizing vulnerable neighborhoods
Economic Justice
Fair access for all income levels
Climate Action
Holding polluters accountable