Study and report on the feasibility of a low-cost and city-sponsored renter’s insurance program.

This proposed legislation would require an office or agency designated by the Mayor to study and report on the feasibility of a low-cost, New York City-sponsored renter’s insurance program. Through this study, the office or agency would be required to explore the establishment of the program by identifying considerations such as potential funding mechanisms and types of coverage, identify the financial impact of the program on the City, and evaluate initiatives the City can undertake to implement the program, including but not limited to public-private partnerships. The office or agency would be required to report on the findings of the study to the Mayor and the Speaker of the Council no later than 1 year after the effective date of this bill. If the office or agency determines that the program is infeasible, the office or agency would have to include a statement explaining the reasons for infeasibility in the report.