Requires homeowners insurance policies to include coverage of residential solar power systems; requires insurers to notify policyholders of such available coverage; permits insurers to impose a reasonable premium or increased rate for coverage of residential solar power systems.
STATE OF NEW YORK
________________________________________________________________________
7640
IN SENATE
January 5, 2022
___________
Introduced by Sen. MAY -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance
AN ACT to amend the insurance law, in relation to requiring homeowners
insurance policies to include coverage of residential solar power
systems
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The insurance law is amended by adding a new section 3425-a
2 to read as follows:
3 § 3425-a. Homeowners insurance; residential solar power systems. 1.
4 For the purposes of this section, the following terms shall have the
5 following meanings:
6 (a) "Homeowners insurance" means such homeowners insurance policies
7 defined in subsection (a) of section two thousand three hundred fifty-
8 one of this chapter.
9 (b) "Residential solar power system" means a photovoltaic system,
10 comprising of solar electric generating equipment, installed on a roof-
11 top or as a ground-mounted array, with a rated capacity of not more than
12 twenty-five kilowatts, and that is manufactured, installed, and operated
13 in accordance with applicable government and industry standards.
14 2. With respect to homeowners insurance policies, an insurer shall
15 include in such policy or contract, coverage of any residential solar
16 power system located on the real property covered by such policy or
17 contract. Upon renewal of any homeowners insurance policy or contract
18 already in existence upon the effective date of this section, the insur-
19 er shall notify the insured of the availability of such residential
20 solar power system coverage.
21 3. The provisions of this section shall not prohibit an insurer from
22 imposing a reasonably increased premium or rate for coverage of residen-
23 tial solar power system as part of a homeowners insurance policy or
24 contract.
25 § 2. This act shall take effect on the ninetieth day after it shall
26 have become a law and shall apply to all policies issued, renewed, modi-
27 fied, altered or amended on or after such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13312-01-1
