2023 New York Laws › ISC - Insurance › Article 23 - Property/casualty Insurance Rates › 2346 - Reduction in Rates of Fire Insurance, Homeowners Insurance or Property/casualty Premiums for Residential Property.

§  2346. Reduction in rates of fire insurance, homeowners insurance or
property/casualty   premiums   for   residential   property.   1.    The
superintendent  may  provide  for  a  reduction  in  the  rates  of fire
insurance  premiums  or  the  fire  insurance  component  of  homeowners
insurance premiums applicable to residential real property equipped with
smoke  detecting  alarm  devices,  approved  sprinkler  systems  or fire
extinguishers, should a statistically valid study of insurer  experience
indicate   an   actuarially   significant  decrease  in  losses  in  the
aforementioned circumstances.  The  reductions  provided  for  shall  be
proportionally  related to the actuarially calculable decrease in losses
in the aforementioned circumstances.
2. The superintendent may provide for a  reduction  in  the  rates  of
homeowners  insurance  premiums  applicable to residential real property
equipped with dead-bolt locks, should a  statistically  valid  study  of
insurer  experience  indicate  an  actuarially  significant  decrease in
losses attributable to the use of  such  a  device.  The  superintendent
shall  by regulation establish standards for dead-bolt locks for which a
reduction  may  be  approved.  The  reductions  provided  for  shall  be
proportionally  related to the actuarially calculable decrease in losses
attributable to the use of such a device.
3. The superintendent shall provide  for  an  actuarially  appropriate
reduction  in  the rates of homeowner's insurance premiums applicable to
residential real property fitted  or  retrofitted  with  hurricane/storm
shutters. The superintendent shall by regulation establish standards for
hurricane/storm  shutters,  including  the  safe and secure installation
thereof.
4. The superintendent shall provide  for  an  actuarially  appropriate
reduction  in  the rates of homeowner's insurance premiums applicable to
residential real property fitted or retrofitted with hurricane resistant
laminated glass windows or doors. The superintendent shall by regulation
establish standards for hurricane resistant laminated glass windows  and
doors, including the safe and secure installation thereof.
5. (a) Definitions. For the purposes of this subsection, the following
terms shall have the following meanings:
(1)  "Completion certificate" means a document which cannot be altered
and which is provided to a person who successfully completes a homeowner
natural disaster preparedness, home safety and loss prevention course.
(2) "Natural disaster" means the  occurrence  or  imminent  threat  of
widespread  catastrophic  or  severe  damage, injury, or loss of life or
property resulting from any natural cause including, but not limited to,
fire, flood, earthquake,  hurricane,  tornado,  high  water,  landslide,
mudslide,   wind,   storm,   wave   action,  ice  storm,  epidemic,  air
contamination,   blight,   drought,   infestation,   explosion,    water
contamination, bridge failure, or bridge collapse.
(3)  "Homeowner  natural  disaster  preparedness, home safety and loss
prevention course" means a natural disaster  preparedness,  home  safety
and loss prevention course that has been submitted to the superintendent
for  their  information  and  review  by  an  applicant. Such course may
provide useful information to participants on items including,  but  not
limited to: courses of action that can be taken before, during and after
the occurrence of a natural disaster, strategies to reduce risk exposure
to  insured  residential  property  owners  and renters, and information
about  the  installation  of  equipment,  devices   or   other   capital
improvements  to  real  property which can help to eliminate or mitigate
damage to real or personal property, personal injury or the loss of life
caused by a natural disaster or other insurable event or occurrence of a
fire, theft, burglary, personal injury or property damage.
(4) "Applicant" means an insurer,  or  any  other  person,  agency  or
organization   which  submits  a  proposed  homeowner  natural  disaster
preparedness,  home  safety  and   loss   prevention   course   to   the
superintendent  for  their  information  and review, and who or which is
prepared  and  able  to  offer such course to insureds upon the approval
thereof.
(b) The superintendent may  provide  for  an  actuarially  appropriate
reduction  for a period of three years in rates of homeowner's insurance
and property/casualty insurance premiums applicable to residential  real
property  for  each triennial completion of a homeowner natural disaster
preparedness, home safety and loss  prevention  course  by  the  insured
occupant   of   such   residential   real  property.  In  addition,  the
superintendent may also provide for actuarially  appropriate  reductions
in  such  rates  for  the  installation  of  equipment, devices or other
capital improvements to real property which can  help  to  eliminate  or
mitigate  natural  disaster damage, improve home safety or prevent other
losses.
(c)  An  insurer,  upon  approval  of  the  superintendent,  may  upon
submission  of  a  completion  certificate  by  an  insured,  provide an
actuarially appropriate reduction, for a period of three years,  of  the
premium  for  such  insured's homeowner's insurance or property/casualty
insurance on the residential real property which is the insured's  place
of residence.
(d)  The superintendent may establish, by rule or otherwise, standards
or guidelines to be  used  by  the  superintendent  when  reviewing  the
proposed  homeowner  natural disaster preparedness, home safety and loss
prevention courses.