PLNew Yorkeasy
Under New York Insurance Law § 3404, every fire insurance policy issued in New York covering property in the state must:
ABe written on the ISO HO 00 03 form verbatim without New York modifications
BProvide actual cash value settlement only, regardless of any endorsement
CBe filed with the NAIC rather than the New York Department of Financial Services
Use language at least as favorable to the insured as the Standard Fire Insurance Policy set forth in the statute
Why this is the answer
N.Y. Ins. Law § 3404 reprints the full text of the New York Standard Fire Insurance Policy and requires every fire policy issued in New York to use that text or language no less favorable to the insured. Modern HO-3 and HO-5 forms incorporate the § 3404 provisions (appraisal, suit limitation, mortgagee clause, concealment/fraud, etc.) directly or by endorsement. Carriers may write broader contracts but cannot strip statutory protections.
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