Hurricane Sandy-inspired bill now law
NEWARK, NJ — A new state law will now require New Jersey home insurers to provide policyholders with a one-page description of what they are, and are not, covered for, according to The Star-Ledger.
The measure was signed into law by Governor Chris Christie, and was an "attempt by state lawmakers to avoid a repeat of the confusion that erupted after Hurricane Sandy, when many homeowners discovered too late the limitations of their property insurance," the article stated.
According to the article, under the new law, the one-page summary is supposed to highlight a policy's notable coverages and exceptions, and it will be included in the consumer information packet that accompanies new and renewed policies.
Insurers will not be required to issue the summaries right away as the law requires the state’s Department of Banking and Insurance to establish a timeline for implementing the requirement, the article noted.
The department will likely issue a proposal for public comment before finalizing the law, the article added.
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February 21, 2023