Prohibits insurers from using credit history when evaluating homeowners insurance policies.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill prohibits New Jersey insurers from using an applicant’s or policyholder’s credit history to determine homeowners insurance premiums or related aspects of coverage. Currently, insurers often use credit-based insurance scores, which are derived from credit history, to assess risk and set rates. This legislation aims to ensure fairer insurance pricing by removing this practice. The law will take effect 90 days after it is enacted.
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