NY | The New York Department of Financial Services has issued Circular Letter No. 3 (2024).
The purpose of this Circular Letter is to encourage all insurers authorized to write property/casualty insurance in New York to offer loss mitigation tools and services to insureds for free or a reduced fee, such as smart water monitor and shutoff devices in connection with homeowners’ insurance policies, and to encourage insurers, the New York Property Insurance Underwriting Association (“NYPIUA”), and rate service organizations (“RSOs”) to file with the Department of Financial Services actuarially appropriate discounts for insureds for the installation of devices or systems that mitigate or prevent losses, including, but not limited to, smoke alarms, sprinkler systems, fire extinguishers, and deadbolt locks. Insurers and NYPIUA are also reminded that they must provide an actuarially appropriate reduction in rates for the fitting or retrofitting of real property with hurricane/storm shutters and hurricane resistant laminated glass windows or doors pursuant to Insurance Law §§ 2346 and 2346-a and 11 NYCRR § 160.6.