New York S 5583: Creates a homeowners' bill of rights to inform consumers with regard to insuring against catastrophic loss

Bill Text

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S05583 Summary:

BILL NOS05583 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORLANZA

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §§3444-a & 338, amd §2601, Ins L

&nbsp

Creates a homeowners' bill of rights; directs the superintendent of financial services to issue a consumer guide on insuring against catastrophic losses.

Go to top S05583 Actions:

BILL NOS05583 

&nbsp

02/25/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS05583 Committee&nbspVotes:

Go to topS05583 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05583 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5583

 2025-2026 Regular Sessions

 IN SENATE

 February 25, 2025
 ___________

 Introduced by Sen. LANZA -- 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 creating a homeowners'
 bill of rights and a consumer guide on insuring against catastrophic
 loss caused by natural disasters

 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 3444-a
 2 to read as follows:
 3 § 3444-a. Homeowners' bill of rights. (a) Any insurer that writes
 4 personal lines insurance or commercial lines insurance policies that
 5 cover loss of or damage to real property, personal property, or other
 6 liabilities for loss of or damage to property shall, upon issuance and
 7 renewal of any such policy or contract, provide to an insured or poten-
 8 tial insured written detailed disclosure in a notice prescribed or
 9 approved by the superintendent describing clearly and in plain language
 10 the following:
 11 (1) any and all coverage for loss caused by certain occurrences,
 12 including but not limited to fire, wind, windstorm, mudslide, hurricane,
 13 snow, ice, water surge, or flood, coverages provided under the policy,
 14 any limitations on or exclusions from coverage, circumstances that would
 15 invalidate coverage under the policy, any applicable deductibles, and
 16 when such deductibles shall be triggered;
 17 (2) all information related to claims investigation and processing,
 18 including but not limited to the process by which the insured may file a
 19 claim, all applicable time frames required by law and regulation, all
 20 necessary proof of loss information and other information the insurer
 21 may require from the insured, the process by which the insured may file
 22 a complaint with the department, and any other information deemed neces-
 23 sary by the superintendent;

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09663-01-5

 S. 5583 2

 1 (3) any and all rights a claimant has under the laws and policy when a
 2 claim is denied or when the claimant rejects a settlement offer from the
 3 insurer, including their right to file a complaint with the department;
 4 (4) that the provisions of this policy may be modified or changed
 5 pursuant to state or federal law when a local state of emergency is
 6 declared pursuant to section twenty-four of the executive law, when the
 7 governor declares a disaster emergency pursuant to section twenty-eight
 8 of the executive law, or when the President of the United States issues
 9 a major disaster or emergency declaration pursuant to the Robert T.
 10 Stafford Disaster Relief and Emergency Assistance Act (P.L. 93-288) and
 11 how the insured may obtain information about any such modifications or
 12 changes;
 13 (5) information on how the insured may contact the insurer, including
 14 the insurer's business hours, mailing address, phone number, fax number,
 15 website address and email; and
 16 (6) information on how the insured can obtain the consumer guide on
 17 insuring against catastrophic losses created by the department pursuant
 18 to section three hundred thirty-eight of this chapter and any other
 19 guides, pamphlets, or other information the department has made publicly
 20 available that would be beneficial to the insured.
 21 (b) In the event that a policy subject to subsection (a) of this
 22 section does not include coverage for damage as a result of