Law360, New York (January 7, 2013, 4:54 PM EST) -- Two New York lawmakers on Friday called for a dollar limit on hurricane deductibles and a standard restriction on when insurance companies can apply these higher deductibles, legislation that one insurance industry group plans to oppose.
New York Sen. Kenneth LaValle, a Republican, and state Assemblyman Fred Thiele Jr., of the Independence Party, introduced a bill that would block insurers from charging more than $1,500 in hurricane deductibles, which for now range from 1 to 5 percent of an insured property's value. Policyholders will sometimes have to pay tens of thousands of dollars before insurers start covering hurricane-related damage.
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