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Senate Bill S8481

2023-2024 Legislative Session

Prohibits increases in rates of homeowners' insurance in excess of twenty-five percent per year

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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2023-S8481 (ACTIVE) - Details

See Assembly Version of this Bill:
A8389
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §2351-a, Ins L
Versions Introduced in 2025-2026 Legislative Session:
S6356, A4188

2023-S8481 (ACTIVE) - Summary

Prohibits increases in rates of homeowners' insurance in excess of twenty-five percent per year except where agreed to in the policy.

2023-S8481 (ACTIVE) - Sponsor Memo

2023-S8481 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8481
 
                             I N  S E N A T E
 
                             February 5, 2024
                                ___________
 
 Introduced  by  Sen.  CHU  --  read  twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT to amend the insurance law, in relation to prohibiting  increases
   in rates of homeowners' insurance in excess of twenty-five percent per
   year
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The insurance law is amended by adding a new section 2351-a
 to read as follows:
   § 2351-A. HOMEOWNERS' INSURANCE POLICIES; RATE INCREASES. (A) FOR  THE
 PURPOSES  OF  THIS  SECTION, "HOMEOWNERS' INSURANCE" MEANS A CONTRACT OF
 INSURANCE INSURING AGAINST THE CONTINGENCIES DESCRIBED IN  SUBPARAGRAPHS
 (A),  (B)  AND (C), OR (B) AND (C) OF PARAGRAPH TWO OF SUBSECTION (A) OF
 SECTION THREE THOUSAND FOUR HUNDRED  TWENTY-FIVE  OF  THIS  CHAPTER  AND
 WHICH  IS  A  "COVERED POLICY" OF PERSONAL LINES INSURANCE AS DEFINED IN
 SUCH PARAGRAPH; PROVIDED, HOWEVER, THAT  THE  COVERAGES  PROVIDED  UNDER
 SUCH  SUBPARAGRAPHS (B) AND (C) SHALL NOT APPLY WHERE THE NATURAL PERSON
 DOES NOT HAVE AN INSURABLE INTEREST IN THE REAL PROPERTY, OR  A  PORTION
 THEREOF, OR THE RESIDENTIAL UNIT IN WHICH SUCH PERSON RESIDES.
   (B)  NO  INSURER SHALL INCREASE THE RATE OF HOMEOWNERS' INSURANCE SUCH
 THAT THE RATE IS MORE THAN ONE HUNDRED TWENTY-FIVE PERCENT OF  THE  RATE
 OF  THE  SAME POLICY FROM ONE YEAR PRIOR UNLESS AGREED TO BY THE POLICY-
 HOLDER PRIOR TO THE POLICY BEING ISSUED, RENEWED, MODIFIED,  ALTERED  OR
 AMENDED.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law and shall apply to all policies issued, renewed, modi-
 fied, altered or amended on or after such effective date.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13699-01-3

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