"A report from the Insurance Information Institute makes it clear that deregulating and operating short-term rentals in residential buildings poses significant coverage gaps in homeowners' insurance, and can lead to financial risks and serious cost increases for both the owner and their neighbors."
"For an affordable, livable NYC, tell the City Council to REJECT Intros 948 and 1107."
Deregulating and operating short-term rentals in residential buildings creates homeowners insurance coverage gaps and increases liability exposure. Coverage gaps can leave property owners personally responsible for damages, claims, or legal costs that would otherwise be covered. Neighbors and building residents can face indirect financial consequences through higher insurance premiums and elevated risk of uninsured incidents. The combined effect can raise housing costs and undermine neighborhood affordability. Rejecting proposed measures that enable widespread short-term rentals in residential buildings can help preserve insurance coverage integrity, reduce financial risk, and support affordable, livable housing in NYC.
Read at www.amny.com
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