New York S04211 mandates fire insurance for multiple dwellings, requiring owners to insure for full replacement cost and use proceeds for.

New York S04211 amends the multiple dwelling law by requiring owners of multiple dwellings to procure and maintain fire insurance for the full replacement cost of the property. The bill mandates that insurance proceeds be used to restore the property to a habitable condition. It voids any contrary provisions in sales contracts, mortgage indentures, leases, or other documents. Non-compliance is a misdemeanor, and tenants who were occupying the property at the time of the loss have the right to resume occupancy upon restoration, under the same terms and conditions as before the loss.

New York S04211 mandates fire insurance for multiple dwellings, requiring owners to insure for full replacement cost and use proceeds for.

New York S04211 amends the multiple dwelling law by requiring owners of multiple dwellings to procure and maintain fire insurance for the full replacement cost of the property. The bill mandates that insurance proceeds be used to restore the property to a habitable condition. It voids any contrary provisions in sales contracts, mortgage indentures, leases, or other documents. Non-compliance is a misdemeanor, and tenants who were occupying the property at the time of the loss have the right to resume occupancy upon restoration, under the same terms and conditions as before the loss.