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NY A08389
Bill
Status
Introduced
12/13/2023
Primary Sponsor
Nader Sayegh
Click for details
AI Summary
- Adds new section 2351-a to the Insurance Law restricting homeowners' insurance rate increases to a maximum of 125 percent of the prior year's rate (a 25 percent increase)
- Applies the rate cap to all homeowners' insurance policies covering dwelling, personal property, and liability coverage as defined under section 3425 of the Insurance Law
- Prohibits rate increases exceeding the 25 percent threshold unless the policyholder explicitly agrees in writing before the policy is issued, renewed, modified, altered, or amended
- Takes effect 90 days after becoming law and applies to all policies issued, renewed, modified, altered, or amended on or after the effective date
Legislative Description
Prohibits increases in rates of homeowners' insurance in excess of twenty-five percent per year except where agreed to in the policy.
Last Action
referred to insurance
1/3/2024
Committee Referrals
Insurance12/13/2023
Full Bill Text
No bill text available