Senate Bill S6356

2025-2026 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Insurance 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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2025-S6356 (ACTIVE) - Details

See Assembly Version of this Bill:
A4188
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §2351-a, Ins L
Versions Introduced in 2023-2024 Legislative Session:
S8481, A8389

2025-S6356 (ACTIVE) - Summary

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

2025-S6356 (ACTIVE) - Sponsor Memo

2025-S6356 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6356
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                              March 11, 2025
                                ___________
 
 Introduced  by  Sen.  LIU  --  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:
 
   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.
                                                            LBD07611-01-5

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