STATE OF NEW YORK
________________________________________________________________________
8481
IN SENATE
February 5, 2024
___________
Introduced by Sen. CHU -- 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 prohibiting increases
in rates of homeowners' insurance in excess of twenty-five percent per
year
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 2351-a
2 to read as follows:
3 § 2351-a. Homeowners' insurance policies; rate increases. (a) For the
4 purposes of this section, "homeowners' insurance" means a contract of
5 insurance insuring against the contingencies described in subparagraphs
6 (A), (B) and (C), or (B) and (C) of paragraph two of subsection (a) of
7 section three thousand four hundred twenty-five of this chapter and
8 which is a "covered policy" of personal lines insurance as defined in
9 such paragraph; provided, however, that the coverages provided under
10 such subparagraphs (B) and (C) shall not apply where the natural person
11 does not have an insurable interest in the real property, or a portion
12 thereof, or the residential unit in which such person resides.
13 (b) No insurer shall increase the rate of homeowners' insurance such
14 that the rate is more than one hundred twenty-five percent of the rate
15 of the same policy from one year prior unless agreed to by the policy-
16 holder prior to the policy being issued, renewed, modified, altered or
17 amended.
18 § 2. This act shall take effect on the ninetieth day after it shall
19 have become a law and shall apply to all policies issued, renewed, modi-
20 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.
LBD13699-01-3
