§ 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\nproperty/casualty premiums for residential property. 1. The\nsuperintendent may provide for a reduction in the rates of fire\ninsurance premiums or the fire insurance component of homeowners\ninsurance premiums applicable to residential real property equipped with\nsmoke detecting alarm devices, approved sprinkler systems or fire\nextinguishers, should a statistically valid study of insurer experience\nindicate an actuarially significant decrease in losses in the\naforementioned circumstances. The reductions provided for shall be\nproportionally related to the actuarially calculable decrease in losses\nin the aforementioned circumstances.\n 2. The superintendent may provide for a reduction in the rates of\nhomeowners insurance premiums applicable to residential real property\nequipped with dead-bolt locks, should a statistically valid study of\ninsurer experience indicate an actuarially significant decrease in\nlosses attributable to the use of such a device. The superintendent\nshall by regulation establish standards for dead-bolt locks for which a\nreduction may be approved. The reductions provided for shall be\nproportionally related to the actuarially calculable decrease in losses\nattributable to the use of such a device.\n 3. The superintendent shall provide for an actuarially appropriate\nreduction in the rates of homeowner's insurance premiums applicable to\nresidential real property fitted or retrofitted with hurricane/storm\nshutters. The superintendent shall by regulation establish standards for\nhurricane/storm shutters, including the safe and secure installation\nthereof.\n 4. The superintendent shall provide for an actuarially appropriate\nreduction in the rates of homeowner's insurance premiums applicable to\nresidential real property fitted or retrofitted with hurricane resistant\nlaminated glass windows or doors. The superintendent shall by regulation\nestablish standards for hurricane resistant laminated glass windows and\ndoors, including the safe and secure installation thereof.\n 5. (a) Definitions. For the purposes of this subsection, the following\nterms shall have the following meanings:\n (1) "Completion certificate" means a document which cannot be altered\nand which is provided to a person who successfully completes a homeowner\nnatural disaster preparedness, home safety and loss prevention course.\n (2) "Natural disaster" means the occurrence or imminent threat of\nwidespread catastrophic or severe damage, injury, or loss of life or\nproperty resulting from any natural cause including, but not limited to,\nfire, flood, earthquake, hurricane, tornado, high water, landslide,\nmudslide, wind, storm, wave action, ice storm, epidemic, air\ncontamination, blight, drought, infestation, explosion, water\ncontamination, bridge failure, or bridge collapse.\n (3) "Homeowner natural disaster preparedness, home safety and loss\nprevention course" means a natural disaster preparedness, home safety\nand loss prevention course that has been submitted to the superintendent\nfor their information and review by an applicant. Such course may\nprovide useful information to participants on items including, but not\nlimited to: courses of action that can be taken before, during and after\nthe occurrence of a natural disaster, strategies to reduce risk exposure\nto insured residential property owners and renters, and information\nabout the installation of equipment, devices or other capital\nimprovements to real property which can help to eliminate or mitigate\ndamage to real or personal property, personal injury or the loss of life\ncaused by a natural disaster or other insurable event or occurrence of a\nfire, theft, burglary, personal injury or property damage.\n (4) "Applicant" means an insurer, or any other person, agency or\norganization which submits a proposed homeowner natural disaster\npreparedness, home safety and loss prevention course to the\nsuperintendent for their information and review, and who or which is\nprepared and able to offer such course to insureds upon the approval\nthereof.\n (b) The superintendent may provide for an actuarially appropriate\nreduction for a period of three years in rates of homeowner's insurance\nand property/casualty insurance premiums applicable to residential real\nproperty for each triennial completion of a homeowner natural disaster\npreparedness, home safety and loss prevention course by the insured\noccupant of such residential real property. In addition, the\nsuperintendent may also provide for actuarially appropriate reductions\nin such rates for the installation of equipment, devices or other\ncapital improvements to real property which can help to eliminate or\nmitigate natural disaster damage, improve home safety or prevent other\nlosses.\n (c) An insurer, upon approval of the superintendent, may upon\nsubmission of a completion certificate by an insured, provide an\nactuarially appropriate reduction, for a period of three years, of the\npremium for such insured's homeowner's insurance or property/casualty\ninsurance on the residential real property which is the insured's place\nof residence.\n (d) The superintendent may establish, by rule or otherwise, standards\nor guidelines to be used by the superintendent when reviewing the\nproposed homeowner natural disaster preparedness, home safety and loss\nprevention courses.\n