NY A02287

Requires insurers writing personal or commercial lines property insurance to provide written disclosures to insureds at policy issuance and renewal describing coverage for natural disasters (fire, wind, hurricane, flood, mudslide, etc.), applicable deductibles, exclusions, and limitations in plain language.

Mandates insurers disclose claims investigation procedures, filing processes, legal timeframes, required proof of loss information, complaint procedures with the Department, and insurer contact information.

Requires insurers or producers to disclose to potential insureds prior to sale whether property is in a flood zone, the specific flood zone designation, associated risk level, and available coverage options including the National Flood Insurance Program, with written acknowledgment of receipt required.

Directs the Superintendent of Financial Services to issue a consumer guide on insuring against catastrophic losses within six months containing information on types of coverage available, companies offering such coverage, typical exclusions, steps to prepare for disasters, claims filing procedures, and Department contact information.

Makes it an unfair practice for insurers to knowingly misrepresent policy provisions or fail to comply with established timeframes for claims investigation, processing, settlement, and payment as required under the homeowners' bill of rights.