Tag: new jersey homeowners insurance

Homeowners insurance heads skywards for the Jersey Shore due to Sandy

H. Cutner
homeowners insurance policy multiple claims

Half of a year has passed since the Superstorm struck and now rates are being impacted. As homeowners insurance policyholders on the Jersey Shore start to receive their renewal notices on their policies – six months after the storm destroyed the region – many consumers are noticing that their premiums have skyrocketed when compared to what they were paying before the storm struck. Residents of the Jersey Shore are still trying to rebuild from the damages left behind by the storm. After facing considerable out of pocket costs from the…

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Workshops help New Jersey residents cut through red tape of flood insurance

Logan B.
Flood Insurance

Flood insurance bureaucracy delays recovery for many New Jersey residents that fell victim to last year’s Hurricane Sandy have been struggling to overcome the seemingly insurmountable challenges that continue to delay their recovery process. In the wake of the powerful storm, which hit New Jersey in late October, 2012, many homeowners found that their properties had been destroyed. In some cases, consumers were able to rely on their homeowners insurance and flood insurance policies in order to cover the costs of the damage done by Hurricane Sandy. Many others, however,…

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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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Flood insurance concerns to get more attention in New Jersey

Flood Insurance

New Jersey officials continue to wrestle with problems concerning flood insurance Despite the best efforts of lawmakers, New Jersey residents continue to experience difficulties with their insurance coverage in the wake of Hurricane Sandy. Though Sandy struck the state in late October 2012, the storm’s effects continue to be felt to this day. The storm caused modest wind damage, but most of the destruction associated with Hurricane Sandy comes from the widespread flooding it caused. As such, many consumers have been experiencing problems with their flood insurance coverage, with claims…

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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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