N.Y. Insurance Law § 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.