Tag: nj homeowners insurance

Homeowners insurance in New Jersey to become easier to understand

Homeowners insurance New Jersey

The Senate in the state has given its unanimous approval to the clarification of policies. The New Jersey Senate has just given its approval to assist residents with achieving a better understanding of their homeowner insurance policies, passing a bill by a unanimous 38 to 0 vote. The bill would make it a requirement for insurers to make their coverage far simpler to understand. The Senate bill (A-3642) would require that homeowners insurance companies provide their customers with an information brochure – one that is already a requirement under the…

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Homeowners insurance may spike in New Jersey

Logan B.
New Jersey Homeonwers Insurance Rates

New FEMA flood maps may have a drastic impact on homeowners insurance rates The U.S. Federal Emergency Management Agency (FEMA) is revising its flood maps for 2013, and this may have a drastic impact on homeowners insurance, especially in the East Coast, where many homeowners are still struggling to recover from the impact of Hurricane Sandy. In New Jersey, Governor Chris Christie, who has levied harsh criticism against FEMA for its handling of Hurricane Sandy, is now warning state residents that they could see their homeowners insurance rates spike in…

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Homeowners insurance bill in New Jersey requires policy rewrites

H. Cutner
New Jersey homeowners insurance law

Following Superstorm Sandy, a new proposal would mean that coverage would be easier to understand. Assemblyman Paul Moriarty (D-4, Washington Township) is the primary sponsor of a New Jersey bill that would require homeowners insurance companies to lose the industry jargon in the wording of their policies, in favor of a “plain English” alternative. This would allow the details of the coverage to be easier for policyholders to understand. The bill, A3642, requires that homeowners insurance policies that are renewed, initially issued, or delivered within the state of New Jersey…

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Homeowners insurance will skyrocket for New Jersey residents who don’t build higher

Flood homeowners Insurance Rates raising homes

Sandy victims are required to rebuild their homes higher than they were before or their costs will soar. Last Thursday, new federal flood maps were issued that will provide the guidelines for rebuilding that will occur in New Jersey following the damage that Sandy left behind and the implications that choices will have on homeowners insurance. They have made it clear that many people will need to build higher in order to avoid paying more. The new regulations will mean that residents of flood zones will need to choose to…

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Finding the best homeowners’ insurance rates for 2012 coverage

Marc

Following a year of record breaking disasters, many homeowners are wondering how they can find lower and more affordable rates for their insurance policies. Even those with experience in shopping around for the best price for a policy are discovering that the process is becoming much more complex. Many insurance companies have now implemented a number of different types of exemptions for various forms of damage from storms and other natural events. Some are also assigning lower values to a home’s replacement cost. According to the Consumer Federation of America’s…

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