New York S06356 limits annual increases in homeowners' insurance rates to 25% unless agreed upon by the policyholder.

New York S06356 amends the insurance law to restrict annual rate increases for homeowners' insurance to 25% unless the policyholder consents to a higher increase. This applies to all policies issued, renewed, modified, altered, or amended after the bill's effective date. The law defines "homeowners' insurance" as a contract insuring against specific contingencies, excluding cases where the policyholder lacks an insurable interest in the property.

New York S06356 limits annual increases in homeowners' insurance rates to 25% unless agreed upon by the policyholder.

New York S06356 amends the insurance law to restrict annual rate increases for homeowners' insurance to 25% unless the policyholder consents to a higher increase. This applies to all policies issued, renewed, modified, altered, or amended after the bill's effective date. The law defines "homeowners' insurance" as a contract insuring against specific contingencies, excluding cases where the policyholder lacks an insurable interest in the property.