New York

New York faces risks from floods, severe storms, hurricanes, winter storms, wildfires, extreme temperatures, tornadoes, and rare earthquakes.

Mitigation Insurance and Tax Incentives

Property owners, residents, and businesses can receive insurance discounts and tax breaks to build stronger to better withstand damage from natural hazards.

• Related Features: Policyholders with a FORTIFIED designation (Roof, Silver, or Gold) may qualify for incentives already offered in the state (e.g., shutters, since FORTIFIED also includes these features). More Details.
• NYS Resilient Retrofits Program: Up to $20 million available to eligible homeowners for resiliency repairs through a combination of loans and grants, administered by New York Homes and Community Renewal (HCR). Contact HCR directly for current eligibility and application information. More Details.
• NY 2025-2026 S7265 (Pending): Would establish a Strengthen Homes Program administered by the DFS Superintendent to provide grants for retrofitting residential roofs against hurricane, tornado, or other catastrophic wind events. Prioritizes lower-income applicants in areas more susceptible to catastrophic wind events. Confirm passage status before acting on this program. More Details.
• NY 2025-2026 S08583 (Pending): Would authorize insurance premium discounts for homeowners who demonstrate property-specific and community-level mitigation actions to reduce natural disaster losses. Confirm passage status before acting on this program. More Details.

"Really appreciated this class. Very rarely have I been in a CE class that actually teaches me something USEFUL for my team to offer to customers. Appreciate it!"

- Insurance Agent

Funding to Help Rebuild or Re-Roof

These federal and mortgage-backed programs may provide financing for disaster recovery, home repairs, energy upgrades, and rehabilitation, supporting homeowners, renters, and small businesses, particularly for those with low incomes or who are affected by disasters.

Small Business Administration Loans - Those affected by a disaster can rebuild stronger by increasing their SBA disaster assistance loan up to 20% of the verified physical damage to make mitigation improvements. There is no cost to apply, and you are under no obligation to accept a loan if approved.

• Generally, borrowers have two years after loan approval to request an increase for higher rebuilding costs, code-required upgrades, or mitigation.
  
• Call (800) 659-2955 and ask about increasing your loan for mitigation purposes, or visit sba.gov/disaster for more information.

Fannie Mae HomeStyle Renovation Loans - A mortgage that provides a simple and flexible way for borrowers to renovate or make home repairs with a conventional first mortgage, rather than a second mortgage, home equity line of credit, or other more costly methods of financing.​

Fannie Mae HomeStyle Energy Loans - A mortgage that helps lenders offer financing for homeowners to increase home energy efficiency and reduce utility costs.

• Both HomeStyle Renovation and HomeStyle Energy mortgages may be combined with a HomeReady® mortgage so that low-income borrowers can take advantage of flexible features and additional savings.

USDA- Single Family Housing Repair Loans & Grants - A loan program providing loans to very-low-income homeowners to repair, improve, or modernize their homes. Grants are also available for very-low-income elderly homeowners to remove health and safety hazards.

HUD 203(k) Loans - A loan program for rehabilitating and repairing single-family properties, allowing homebuyers and homeowners to finance both the purchase or refinancing of a house and the cost of its rehabilitation through a single mortgage, or to finance the rehabilitation of their existing home.

• The 203(k) program permits homebuyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their homes.

HUD Mortgage Insurance for Disaster Victims - 203 (h) - Loan program for renters or homeowners if their homes are located in an area designated by the President as a disaster area and were destroyed or damaged to such an extent that reconstruction or replacement is necessary. These loans may be used to finance the purchase or reconstruction of a one-family home that will be the homeowner's principal residence.

• The borrower must submit their application to an FHA-approved lending institution within one year of the President's disaster declaration.