Live Insurance News

New Jersey lawmakers take action on post-Sandy homeowners insurance

May 9, 2013May 25, 2013 S.Vagus

Homeowners insurance landscape changes post-disaster Last year’s Hurricane Sandy dealt a powerful blow to the Eastern U.S. The powerful storm caused significant damage to homes and other properties in several states. In New Jersey, floods causing the most damage, putting heavy strain on the Federal Flood Insurance Program, which accounts for the majority of flood insurance protections in the country. The disaster brought several problems within the insurance sector to light, causing New Jersey lawmakers to take action on the issue of homeowners insurance in order to avoid future turbulence.…

Homeowners insurance bill inspired by Superstorm Sandy becomes law

May 8, 2013May 7, 2013 Julie Campbell

The regulation has now been put into place in New Jersey to make sure residents understand their coverage. A new law in New Jersey is now requiring homeowners insurance companies to provide their policyholders with a one-page description of what is and is not covered by their policies. This was a direct response to the massive confusion among policyholders in the aftermath of Sandy. The measure has now been signed by New Jersey Governor, Chris Christie. This was announced by the Assembly Democrats in a news release The goal of…

Homeowners insurance heads skywards for the Jersey Shore due to Sandy

April 30, 2013May 1, 2013 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…

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

March 29, 2013March 28, 2013 Logan B.

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,…

Homeowners insurance in New Jersey to become easier to understand

March 22, 2013April 30, 2013

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…