March 15, 2017
Contact: Richard Loconte, 212-709-1691
DFS ENCOURAGES INSURANCE COMPANIES TO OFFER DISASTER PREPAREDNESS COURSES TO CONSUMERS SEEKING HOMEOWNERS AND RENTERS POLICY DISCOUNTS
DFS will review and approve natural disaster preparedness, home safety, and loss prevention courses submitted by insurance companies that provide homeowners and renters insurance
Consumers who complete approved courses may be eligible for discounts on homeowners and renters insurance
Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) is encouraging property/casualty insurance companies to submit disaster preparedness courses for approval by DFS so that homeowners and renters who enroll in such courses may seek appropriate DFS-approved policy discounts from their insurance providers. The guidance provided today follows legislation signed by Governor Cuomo in 2016 that permits insurers providing homeowners and renters insurance for residential real property to offer DFS approved actuarially appropriate discounts for consumers who complete disaster preparedness courses.
“Responsible homeowners and renters who take action to protect their homes and families by educating themselves and preparing for potential disasters are entitled to discounted homeowners insurance policies,” said Superintendent Vullo. “DFS encourages insurers to submit disaster preparedness courses for departmental approval so that they can provide actuarially sound discounts to consumers who complete approved courses.”
New York is providing an opportunity to residents, including homeowners of condominium and cooperative apartments, as well as renters, to receive insurance discounts if they complete a course of instruction on how to make their residence more resilient to a natural disaster, reduce the potential loss of life or property damage that could result from a natural disaster, reduce the risk of fire, theft, burglary, personal injury or property damage, and raise their awareness of natural disaster preparedness.
Upon receipt, DFS will promptly review applications for approval of a disaster preparedness course by insurance companies. Insurers must also file actuarially appropriate discounts with DFS that the insurers propose to offer their insureds for completion of such courses.Homeowners and renters can learn more about disaster preparation tips, flood insurance, and insurance claims processes by logging on to http://www.dfs.ny.gov/consumer/disascon.htm. New Yorkers who require immediate assistance with disaster-related issues can also call the DFS Disaster Hotline at (800) 339-1759.