Bill > S06356

This bill proposes to amend New York's insurance law to limit homeowners' insurance rate increases to no more than 25% annually. Specifically, the bill defines "homeowners' insurance" as a contract that insures against specific property and personal lines insurance contingencies, with certain restrictions for individuals without an insurable interest in the property. Under the proposed law, insurance companies would be prohibited from raising insurance rates to more than 125% of the previous year's rate for the same policy, unless the policyholder explicitly agrees to such an increase before the policy is issued, renewed, modified, altered, or amended. The bill aims to protect homeowners from substantial and potentially unexpected insurance rate hikes by introducing this percentage cap. The legislation would take effect 90 days after becoming law and would apply to all insurance policies issued, renewed, or modified on or after that date, providing a clear timeline for implementation and ensuring consumer protection in the insurance market.

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https://www.nysenate.gov/legislation/bills/2025/S6356