NY S09368

Creates the "New York Property Rehabilitation Protection Act" to regulate assignment of benefit agreements between homeowners and rehabilitation contractors following property damage from natural disasters, fires, or other catastrophic events

Prohibits all assignment of benefit agreements for residential and commercial property insurance policies issued on or after January 1, 2027; agreements executed before that date must comply with strict requirements

Requires assignment agreements to include a 14-day rescission period without penalty, itemized cost estimates, mandatory disclosure notices in 18-point bold uppercase text, and indemnification provisions protecting homeowners

Limits emergency repair assignments to the greater of $3,000 or 1% of the policy limit, and prohibits contractors from collecting any amount from homeowners beyond their deductible

Mandates assignees provide 10 business days written notice before filing litigation, maintain detailed records including photographs and mitigation logs, and submit to examinations under oath if required by insurers