On May 23, NYDFS issued Insurance Circular Letter No. 3 (2024) which encouraged all insurers – authorized to write property/casualty insurance in New York – to offer loss mitigation tools and services to the insured for free or at a reduced fee. Insurers are encouraged to offer devices like smart water monitors and provide discounts for the installation of loss prevention systems, such as smoke alarms and sprinkler systems. Additionally, the letter reminded insurers of their obligation to provide an actuarially appropriate reduction in rates for the installation of hurricane/storm shutters and hurricane-resistant windows and doors. It opined that any such tools or services offered by an insurer that are $25 or less in market value need not be specified in the insurance policy, while those exceeding $25 must be. This initiative, the letter stated, will aim to create a more affordable and resilient insurance market.