New York A04188 limits annual increases in homeowners' insurance rates to 25% unless agreed upon by the policyholder.

New York A04188 amends the insurance law by adding a new section prohibiting insurers from raising homeowners' insurance rates by more than 25% per year. Exceptions are made if the policyholder agrees to the increase before the policy is issued, renewed, modified, altered, or amended. The new law takes effect 90 days after becoming a statute and applies to all policies issued, renewed, modified, altered, or amended after that date.

New York A04188 limits annual increases in homeowners' insurance rates to 25% unless agreed upon by the policyholder.

New York A04188 amends the insurance law by adding a new section prohibiting insurers from raising homeowners' insurance rates by more than 25% per year. Exceptions are made if the policyholder agrees to the increase before the policy is issued, renewed, modified, altered, or amended. The new law takes effect 90 days after becoming a statute and applies to all policies issued, renewed, modified, altered, or amended after that date.