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NY A04188

Bill

Official Source

Status

Introduced

1/31/2025

Primary Sponsor

Nader Sayegh

Click for details

Origin

Assembly

2025-2026 General Assembly

AI Summary

  • Caps annual homeowners' insurance rate increases at 25% of the previous year's rate for the same policy

  • Allows insurers to exceed the 25% cap only if the policyholder agrees to the increase prior to the policy being issued, renewed, modified, altered, or amended

  • Applies to personal lines homeowners' insurance policies covering property and liability contingencies for residential properties

  • Takes effect 90 days after becoming law and applies to all policies issued, renewed, modified, altered, or amended after that 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

1/7/2026

Committee Referrals

Insurance1/31/2025

Full Bill Text

No bill text available