Senate bill · S8066 (2025-26)
Relates to limits on amount of flood insurance required by a mortgagee
New York State Senate
Same as A8030, the matching bill in the Assembly.
Summary
Sets the definition of "principal" for the purposes of limits on amount of flood insurance required by a mortgagee; clarifies applicability of the state law relative to certain federal programs and requirements.
Summary from NY Open Legislation. How we handle summaries
Amends the Real Property Law.
From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 20, 2026. About our data
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Purpose, from the sponsor's memo
This bill clarifies minimum flood insurance standards as established by chapter 64 of the laws of 2025. Minimum flood insurance cannot exceed the mortgagor's interest in a collateral property, including for the full line of credit on that property, regardless of how much available credit has been drawn down.
Filed with the bill. Read it on nysenate.gov (opens in a new tab)
Where it stands
Passed one of the two chambers; it still needs the other.
- Introduced
- In committee
- Up for a vote
- Passed one chamber
- Passed
- Enacted
Committee
Judiciary · New York State Assembly
Also referred to Judiciary · New York State Senate.
The sponsor's argument
Why James Skoufis says this is needed
Allowing flexibility in flood insurance requirements gives homeowners more choice when securing financing. While fully insuring a home and its contents is ideal, it may not be financially feasible for every homeown- er-especially when the property's flood risk is relatively low, despite mandatory insurance requirements. This legislation helps by allowing homeowners to purchase only the coverage necessary to secure the loan collateral. However, there was uncertainty regarding whether lenders could require coverage for the full line of credit on a home equity loan. This law clarifies that such a requirement is permissible, regard- less of how much credit has been drawn, thereby ensuring continued access to credit for borrowers subject to mandatory flood insurance.
This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.
Full history
- May 20, 2026
Sent to the executive
DELIVERED TO SENATE
NY Assembly
- May 20, 2026
Passed a chamber
PASSED ASSEMBLY
NY Assembly
- May 20, 2026
Referred to committee
REFERRED TO JUDICIARY
NY Senate
- May 20, 2026
Reported out of committee
REPORTED
NY Assembly
- May 20, 2026
Rules Report CAL.146
RULES REPORT CAL.146
NY Assembly
Show full history (7 earlier events)Show less history
- May 19, 2026
Amend and Recommit to Judiciary
AMEND AND RECOMMIT TO JUDICIARY
NY Senate
- May 18, 2026
Reported out of committee
REPORTED REFERRED TO RULES
NY Assembly
- Apr 24, 2026
Amend and Recommit to Judiciary
AMEND AND RECOMMIT TO JUDICIARY
NY Assembly
- Jan 7, 2026
Referred to committee
REFERRED TO JUDICIARY
NY Senate
- Jan 7, 2026
Referred to committee
REFERRED TO JUDICIARY
NY Assembly
- May 15, 2025
Referred to committee
REFERRED TO JUDICIARY
NY Senate
- Apr 22, 2025
Referred to committee
REFERRED TO JUDICIARY
NY Assembly