Learn About The Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2026 | Updated by Findlaw Staff
(a) An insurer that issues or delivers in this state a policy of insurance covering loss of or damage to real property containing units for residential purposes or legal liability of an owner of such real property, shall not inquire about on an application, nor shall an insurer cancel, refuse to issue, refuse to renew or increase the premium of a policy, or exclude, limit, restrict, or reduce coverage under a policy based on, the following:
(1) The residential building contains dwelling units that shall be affordable to residents at a specific income level pursuant to a statute, regulation, restrictive declaration, or regulatory agreement with a local, state, or federal government entity;
(2) The real property owner or tenants of such residential building or the shareholders of a cooperative housing corporation receive rental assistance provided by a local, state, or federal government entity, including, but not limited to, the receipt of federal vouchers issued under section eight of the United States Housing Act of 1937 (42 U.S.C. § 1437f);
(3) The level or source of income of the tenants of the residential building or the shareholders of a cooperative housing corporation; or
(4) Whether such residential building is owned by a limited-equity cooperative; owned by a public housing authority; or owned by a cooperative housing corporation subject to the provisions of article two, article four, article five or article eleven of the private housing finance law.
(b) Nothing in this section shall prohibit an insurer from canceling, refusing to issue, refusing to renew, or increasing the premium of, an insurance policy, or excluding, limiting, restricting, or reducing coverage under such policy, due to other factors that are permitted or not prohibited by any other section of this chapter.
Cite this article: FindLaw.com - New York Consolidated Laws, Insurance Law - ISC § 3462. Affordable housing underwriting and rating - last updated January 01, 2026 | https://codes.findlaw.com/ny/insurance-law/isc-sect-3462/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)