§ 2346. Reduction in rates of fire insurance or homeowners insurance\npremiums for residential property. 1. The superintendent may provide for\na reduction in the rates of fire insurance premiums or the fire\ninsurance component of homeowners insurance premiums applicable to\nresidential real property equipped with smoke detecting alarm devices,\napproved sprinkler systems or fire extinguishers, should a statistically\nvalid study of insurer experience indicate an actuarially significant\ndecrease in losses in the aforementioned circumstances. The reductions\nprovided for shall be proportionally related to the actuarially\ncalculable decrease in losses in the aforementioned circumstances.\n 2. The superintendent may provide for a reduction in the rates of\nhomeowners insurance premiums applicable to residential real property\nequipped with dead-bolt locks, should a statistically valid study of\ninsurer experience indicate an actuarially significant decrease in\nlosses attributable to the use of such a device. The superintendent\nshall by regulation establish standards for dead-bolt locks for which a\nreduction may be approved. The reductions provided for shall be\nproportionally related to the actuarially calculable decrease in losses\nattributable to the use of such a device.\n 3. The superintendent shall provide for an actuarially appropriate\nreduction in the rates of homeowner's insurance premiums applicable to\nresidential real property fitted or retrofitted with hurricane/storm\nshutters. The superintendent shall by regulation establish standards\nfor hurricane/storm shutters, including the safe and secure installation\nthereof.\n 4. The superintendent shall provide for an actuarially appropriate\nreduction in the rates of homeowner's insurance premiums applicable to\nresidential real property fitted or retrofitted with hurricane resistant\nlaminated glass windows or doors. The superintendent shall by\nregulation establish standards for hurricane resistant laminated glass\nwindows and doors, including the safe and secure installation thereof.\n
N.Y. Ins. Law § 2346
Reduction in rates of fire insurance or homeowners insurance premiums for residential property
Showing this section's text as in effect on January 1, 2015 (in force January 1, 2015 – January 1, 2017). View current text →
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.