N.Y. Bill to Standardize Hurricane Deductible Triggers Advances in Assembly

A proposed New York State bill to establish standards for hurricane windstorm deductible triggers is advancing in the state Assembly. The bill, A.2729, was reported out of the Assembly’s insurance committee Tuesday. The bill is sponsored by state Assemblyman Harvey Weisenberg (D-Long Island).

The Professional Insurance Agents of New York State Inc. (PIANY), an industry association, applauded the state Assembly for advancing the legislation.

“We encourage the Legislature to enact this important bill before the worst of this year’s hurricane season, so homeowners can have confidence and clarity as to what they can expect when the storms hit,” PIANY President Alan Plafker said in a statement. The association said widely disparate triggers pose potential coverage crisis and that it has been working to raise awareness of this issue.

The majority of homeowners are unaware that insurance companies use different triggers to apply deductibles to their policies, Plafker said. “This means one homeowner could have a completely different deductible trigger than his or her neighbor, and the circumstances for which each policy covers windstorm damage could be different for both of them.”

“The next storm to hit New York could result in rightful outrage from consumers over this complicated puzzle of windstorm insurance deductibles and triggers,” Plafker said. “We applaud Assemblyman Weisenberg for his persistence and foresight in addressing this critical issue.”

Source: The Professional Insurance Agents of New York State Inc.

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Topics Catastrophe Natural Disasters New York Hurricane