New York A07237 amends the insurance law to authorize real estate value assurance insurance against loss due to local rezoning or land use changes.

New York A07237 amends the insurance law to authorize real estate value assurance insurance, which covers losses specifically due to local rezoning or significant changes in land use within a neighborhood, excluding those related to broader economic downturns. This insurance is intended to protect against devaluation of real estate due to local zoning changes or land use modifications. The bill also updates definitions and classifications within the insurance law to include this new type of insurance.

New York A07237 amends the insurance law to authorize real estate value assurance insurance against loss due to local rezoning or land use changes.

New York A07237 amends the insurance law to authorize real estate value assurance insurance, which covers losses specifically due to local rezoning or significant changes in land use within a neighborhood, excluding those related to broader economic downturns. This insurance is intended to protect against devaluation of real estate due to local zoning changes or land use modifications. The bill also updates definitions and classifications within the insurance law to include this new type of insurance.