Assembly Bill A8389

2023-2024 Legislative Session

Prohibits increases in rates of homeowners' insurance in excess of twenty-five percent per year

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A8389 (ACTIVE) - Details

See Senate Version of this Bill:
S8481
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §2351-a, Ins L
Versions Introduced in 2025-2026 Legislative Session:
A4188

2023-A8389 (ACTIVE) - Summary

Prohibits increases in rates of homeowners' insurance in excess of twenty-five percent per year except where agreed to in the policy.

2023-A8389 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8389
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             December 13, 2023
                                ___________
 
 Introduced by M. of A. SAYEGH -- read once and referred 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:
 
   Section 1. The insurance law is amended by adding a new section 2351-a
 to read as follows:
   §  2351-A. HOMEOWNERS' INSURANCE POLICIES; RATE INCREASES. (A) FOR THE
 PURPOSES OF THIS SECTION, "HOMEOWNERS' INSURANCE" MEANS  A  CONTRACT  OF
 INSURANCE  INSURING AGAINST THE CONTINGENCIES DESCRIBED IN SUBPARAGRAPHS
 (A), (B) AND (C), OR (B) AND (C) OF PARAGRAPH TWO OF SUBSECTION  (A)  OF
 SECTION  THREE  THOUSAND  FOUR  HUNDRED  TWENTY-FIVE OF THIS CHAPTER AND
 WHICH IS A "COVERED POLICY" OF PERSONAL LINES INSURANCE  AS  DEFINED  IN
 SUCH  PARAGRAPH;  PROVIDED,  HOWEVER,  THAT THE COVERAGES PROVIDED UNDER
 SUCH SUBPARAGRAPHS (B) AND (C) SHALL NOT APPLY WHERE THE NATURAL  PERSON
 DOES  NOT  HAVE AN INSURABLE INTEREST IN THE REAL PROPERTY, OR A PORTION
 THEREOF, OR THE RESIDENTIAL UNIT IN WHICH SUCH PERSON RESIDES.
   (B) NO INSURER SHALL INCREASE THE RATE OF HOMEOWNERS'  INSURANCE  SUCH
 THAT  THE  RATE IS MORE THAN ONE HUNDRED TWENTY-FIVE PERCENT OF THE RATE
 OF THE SAME POLICY FROM ONE YEAR PRIOR UNLESS AGREED TO BY  THE  POLICY-
 HOLDER  PRIOR  TO THE POLICY BEING ISSUED, RENEWED, MODIFIED, ALTERED OR
 AMENDED.
   § 2. This act shall take effect on the ninetieth day  after  it  shall
 have become a law and shall apply to all policies issued, renewed, modi-
 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

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