A 3247
Establishes plan for provision of coverage to homeowners who are otherwise unable to procure homeowners insurance.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a state-run plan to provide homeowners insurance coverage to individuals who cannot obtain it through standard means. Specifically, it targets homeowners facing challenges like flood risk. All licensed insurers in New Jersey are required to participate in the plan and offer coverage as mandated by the established rules. The plan will include a rating system, actuarially sound loss reserves, and an assignment distribution system, while avoiding external subsidies.
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