Requires insurers to disclose all available endorsements for homeowners' liability insurance policies with plain language descriptions of the coverage added by each endorsement as part of the application process.
Summary
This bill would amend New York’s Insurance Law to require insurers that offer homeowners’ insurance policies to disclose all available endorsements during the application process. The disclosure must include plain-language descriptions of the additional coverage provided by each endorsement, so applicants can better understand optional policy enhancements before purchasing or modifying coverage.
The requirement would apply to homeowners’ insurance policies as defined in existing law and would take effect on January 1 following enactment. It would apply to policies entered into, renewed, modified, or amended on or after that date, making the disclosure obligation part of the standard consumer-facing insurance application process.
Impact
The bill would add a new section 3463 to the Insurance Law and impose a new disclosure duty on insurers selling homeowners’ insurance in New York. It does not mandate that insurers offer any particular endorsement or change coverage terms, but it does require them to provide a complete list of available endorsements and plain-language explanations of what each endorsement adds to the policy. The practical effect is to increase transparency for consumers shopping for homeowners’ liability coverage and to standardize how optional coverage information is presented.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes, the measure appears to be a consumer-protection and transparency bill with an informational rather than regulatory focus. Its stated purpose suggests a generally favorable posture toward helping policyholders make more informed insurance decisions. No formal opposition or support is documented in the provided materials.
Contention
No specific points of contention are reflected in the available record because there are no committee transcripts or votes included. Potential areas of concern, if raised, would likely involve insurer compliance burdens, the scope of what counts as an endorsement, and whether plain-language disclosures could be standardized without oversimplifying coverage details. However, none of those issues are documented as disputed in the materials provided.
Requires insurers to disclose all available endorsements for homeowners' liability insurance policies with plain language descriptions of the coverage added by each endorsement as part of the application process.
Owners of firearms required to have liability insurance, and homeowners' and tenants' policies required to include liability coverage for accidental discharge of firearms.
Requires rate filings for prior approval for commercial property insurance, commercial general liability insurance, and personal residential property insurance; requires insurers provide written explanations for premium increases in certain covered policies; requires certain insurers of homeowners' insurance to refile its homeowners' insurance rates and, in certain circumstances, be required to reduce rates.
Imposes certain requirements for the use of aerial images of an insured property for the purposes of homeowners' insurance; requires certain notices and appeals process.
Imposes certain requirements for the use of aerial images of an insured property for the purposes of homeowners' insurance; requires certain notices and appeals process.