Prior to the law’s enactment, varying definitions of windstorms in insurance policies could result in significant financial differences for policyholders. The Professional Insurance Agents of New York State (PIANY) highlighted that policyholders often faced higher hurricane windstorm deductibles, calculated as a percentage of a home’s replacement cost, compared to standard deductibles.
New York standardizes hurricane windstorm definitions in policies
- Niki Wilson
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