Insurance Premium Discounts and Free or Reduced-Fee Loss Mitigation Tools and Services

How it works

The Department of Financial Services issued guidance encouraging all property/casualty insurers in New York to offer loss-mitigation tools and services free or at a reduced fee in connection with homeowners’ policies. The circular also encourages insurers, the New York Property Insurance Underwriting Association (NYPIUA), and rate service organizations to file discounts for devices and systems that reduce loss.

What the money covers

The guidance specifically mentions:

• smart water monitors and shutoff devices offered free or at reduced cost;
• discounts for smoke alarms;
• sprinkler systems;
• fire extinguishers;
• deadbolt locks;
• and required rate reductions for hurricane/storm shutters and hurricane-resistant laminated glass windows or doors.

Amounts and matching

The page does not state a fixed dollar amount. It says discounts should be actuarially appropriate, and free or reduced-fee services may be offered.

How to apply

Homeowners should ask their insurer or NYPIUA what loss-mitigation programs or discounts are available for their policy.

Timing and deadlines

No deadline is stated. This is insurer-driven rather than a homeowner application program.