Tens of thousands of New York homeowners must find new property insurance providers. Here’s why.

NEW YORK — Two property insurance companies are leaving the state of New York, meaning tens of thousands of homeowners must find new coverage fast. In parts of Long Island, that won’t be so easy.

Adirondack Insurance Exchange and subsidiary Mountain Valley Indemnity are leaving the state by the end of 2024, asking customers to “identify options for replacement” now. The New York Department of Financial Services (DFS) is overseeing the exit.

“I believe that DFS is doing everything they can to try to make this work,” said licensed insurance agent and broker Jason Bartow. “Unfortunately, I think this kind of came as a shock to everybody.”

“Long Island represents a unique challenge for the insurance companies”  

Bartow said those on the coast, like many Long Island homeowners, face a challenge.

“Long Island represents a unique challenge for the insurance companies,” he said.

Bartow said more weather events have led to claims and losses; many insurers are spiking premiums and restricting business.

When record rainfall hit Suffolk County last week, Maryann Butkevich had minutes to get to safety.

“I raised my kids here. My home is gone,” she said. “It’s more than just the hot water heater and the burner and the electric.”

CBS News New York spoke with many who wished they had flood coverage. For them, it’s too late, but if you are filing a claim, do it fast.

“You want pictures of everything. Work with the adjuster, work with your insurance broker,” Bartow said.

Also document all conversations you have with the insurance company and adjuster.

“We’re taking out loans. That’s how we’re paying for it, we’re taking out loans,” Butkevich said.

The state is launching a program to help flood victims with no coverage recover.

Mahsa Saeidi

Mahsa Saeidi, a four-time Emmy Award-winning journalist and licensed attorney, joined CBS News New York as an investigative reporter in March of 2024.