Bill > A04188

This bill aims to regulate homeowners' insurance rate increases in New York by prohibiting insurance companies from raising rates by more than 25% in a single year without the policyholder's explicit prior agreement. The bill defines "homeowners' insurance" as a specific type of insurance contract that covers certain contingencies related to property damage and personal lines insurance, with some restrictions about insurable interest. Under the proposed law, an insurance company cannot increase the rate of a homeowners' insurance policy to more than 125% of the previous year's rate unless the policyholder agrees to such an increase before the policy is issued, renewed, modified, altered, or amended. The bill will take effect 90 days after becoming law and will apply to all insurance policies issued, renewed, or modified on or after that date. This legislation is designed to protect homeowners from sudden, significant increases in their insurance premiums and provide more transparency and consumer control over insurance pricing.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A4188