A home insurance company that will sell you a $10-million home insurance plan could be offering a better deal.
The New York State Department of Insurance said on Thursday it had suspended its sale of the insurer’s home insurance policies to homeowners and others because of concerns over the firm’s work practices.
The state said it had sold its $1.1-billion home insurance pool to a broker and broker-dealer for $1,838 per home in 2017, which is below the $3,000 mark that the department’s rate review committee had set for the company.
The broker and dealer would then buy the homeowner’s home, which could cost between $500,000 and $1 million, according to the state’s latest assessment of the statewide home insurance market.
The sale, the latest in a string of sales to the same broker and company in 2017 and 2018, was subject to review by the department, which has been conducting market surveys since January 2017.
The department has also suspended its own sale of home insurance to other entities.