NY S06981

Adds new paragraph allowing insurers to offer reduced dollar deductibles, zero dollar deductibles, or deductibles that diminish over time and reduce to zero dollars, notwithstanding existing dollar limits for deductibles

Maintains existing standard deductible of $200 for each occurrence for physical damage insurance with minimum deductible options of $50 for fire, theft, or comprehensive coverage ($100 for assigned risk policies) and $100 for collision coverage

Preserves existing authority for the superintendent to prescribe physical damage coverages with co-insurance and deductible provisions, including deductibles of $250, $500, and $1,000

Allows window glass coverage to continue being sold without a deductible

Takes effect immediately upon enactment