New York § 283 - 283Limits on amount of flood insurance required by mortgagee
Full text of New York New York Consolidated Laws § 283 — 283Limits on amount of flood insurance required by mortgagee, with citation guidance and answers to common questions.
§ 283. 283Limits on amount of flood insurance required by mortgagee
§ 283. Limits on amount of flood insurance required by mortgagee. No mortgagee shall require a mortgagor to whom the mortgagee makes, increases, extends, or renews any loan or line of credit secured by improved residential real property to purchase or pay for flood insurance on such residential real property: (1) at a coverage amount that exceeds the lesser of the replacement value of the residential real property or the outstanding principal mortgage balance as of the beginning of the year for which the policy shall be in effect; or (2) that includes coverage for contents. In each instance where a mortgagee requires a mortgagor to purchase or pay for flood insurance on such residential real property, the mortgagee shall provide notice to the mortgagor at the time the mortgagee is notified of the need to purchase or pay for flood insurance that states the following in clear and conspicuous print: 'The flood insurance we are requiring you to purchase may not be sufficient to pay for many needed repairs after a flood and may not compensate you for your losses in the property due to the flood. If you wish to protect your home or investment, you may wish to purchase more flood insurance than the amount we are requiring you to buy.'
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 283
What does New York Consolidated Laws § 283 cover?
Section 283 ("283Limits on amount of flood insurance required by mortgagee") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 283?
A common citation format is "New York Consolidated Laws § 283" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 283 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.