Citing a recent survey conducted by the National Association of Insurance Commissioners (NAIC), Department of Banking and Insurance Commissioner Richard J. Badolato today reminded homeowners and renters to set up or review their home inventory to ensure that they are prepared in case a covered loss occurs. According to the NAIC survey, less than half of homeowners have a home inventory. Of those who do, more than 40 percent have not updated it in more than a year
Department of Banking and Insurance Commissioner Richard J. Badolato today highlighted the importance of a new nationwide survey demonstrating the need for New Jersey homeowners to review their homeowners insurance policies in consideration of natural disaster threats. According to a new survey by the National Association of Insurance Commissioners (NAIC), fewer than 22 percent of homeowners view natural disasters as an important factor when updating their homeowners insurance policy.
With the continuing prevalence of mortgage foreclosure problems, legislation putting common sense safeguards in place to protect homeowners was passed out of the Assembly Financial Institutions and Insurance Committee Thursday.
Acting Commissioner Badolato Congratulates Graduating Class of Mortgage Loan Officers at Camden County Community...
Department of Banking and Insurance Acting Commissioner Richard J. Badolato recently congratulated 19 students graduating from a class for Mortgage Loan Officers at Camden County Community College and told them that their training prepared them to serve a vital role in today’s economy
Victims of Superstorm Sandy who may have been underpaid on their flood insurance claims have until Tuesday, September 15th, to request a review from the Federal Emergency Management Agency (FEMA), said Congressman Chris Smith (NJ-04), who led efforts to push FEMA to conduct the reviews. The Sandy Claims Review Process is open to National Flood Insurance Program (NFIP) policyholders who submitted a Sandy-related flood claim.
New Jersey Consumers to Receive Information Explaining and Summarizing Their Homeowners Insurance Policies
Department of Banking and Insurance Commissioner Ken Kobylowski today alerted consumers buying or renewing homeowners insurance that they will receive a one-page summary of their policy that clearly explains its terms, coverages and exclusions, starting in June.
U.S. Rep. Chris Smith (NJ-04), Dean of the New Jersey Congressional Delegation, announced today that he will be hosting a meeting with Brad Kieserman, Deputy Associate Administrator for the Federal Emergency Management Agency (FEMA), which oversees the National Flood Insurance Program (NFIP), in order to establish a new, workable process for revisiting and resolving all flood insurance claims brought by Sandy-affected homeowners. Kieserm
oday, Congressman Frank Pallone, Jr. (NJ-06) sent a letter to Administrator Fugate requesting that the Federal Emergency Management Agency (FEMA) notify homeowners who have filed claims with the National Flood Insurance Program (NFIP) in the wake of Superstorm Sandy detailing the manipulation of engineering reports in order to underpay Sandy victims.
LoBiondo, Pascrell Announce House Vote Scheduled to Give Relief on Flood Insurance Premiums, Certainty...
WASHINGTON, D.C. - February 14, 2014 - (RealEstateRama) -- U.S. Representatives Frank LoBiondo (NJ-02) and Bill Pascrell (NJ-09) today announced that the full House will vote in February on new flood insurance legislation to address the increases in many premiums mandated under the 2012 Biggert-Waters Flood Insurance Reform law. The new bill will meld provisions from the previously-introduced legislation by Reps. Michael Grimm (NY-11) and Maxine Waters (CA-43) – which LoBiondo and Pascrell were cosponsors – and proposals from Rep. Bill Cassidy (LA-06). The new legislation will also permanently remove the home sale rate increase trigger for homeowners looking to sell, thus providing certainty to the real estate market
WASHINGTON, D.C. - December 20, 2013 - (RealEstateRama) -- Assembly Republican Whip Scott Rumana sponsored a resolution urging Congress to protect local families from skyrocketing insurance increases.
WASHINGTON, D.C. - December 13, 2013 - (RealEstateRama) -- Assembly Republican Chris A. Brown today voted to support a resolution urging Congress to protect local families from skyrocketing insurance increases.
WASHINGTON, D.C. - October 31, 2013 - (RealEstateRama) -- On the one year anniversary of Superstorm Sandy, U.S. Senators Robert Menendez (D-NJ) and Johnny Isakson (R-GA) today led a bipartisan coalition of members to introduce the Homeowner Flood Insurance Affordability Act which will protect millions of homeowners from facing huge flood insurance premium rate hikes and require FEMA to complete an affordability study, propose real solutions to address affordability issues, and certify that their mapping process is accurate before any flood insurance premiums can be raised in the future.
WASHINGTON, D.C. - October 1, 2013 - (RealEstateRama) -- On Friday, Congressman Jon Runyan joined a bipartisan group of Senators and House Members from New York and New Jersey urging FEMA Administrator Craig Fugate to grant a six-month extension for thousands of Sandy-impacted homeowners to file flood insurance claims. Under the National Flood Insurance Program (NFIP) managed by FEMA, Sandy-impacted homeowners must file a Proof of Loss (POL) form, a statement on the amount that the homeowner is claiming under his or her flood insurance policy, by October 29th in order to be eligible for coverage for flood damage. Many families, however, are unable to meet this deadline in time because they are still waiting for repair work to begin on their homes or only recently become aware of additional expenses as they start to repair and rebuild. Federal officials requested an immediate extension to ensure that all homeowners have a fair process when it comes to filing their flood insurance claims and receiving the full benefits they are entitled to.
Pascrell, Bipartisan Group of Congressional Members Urge FEMA to Extend Deadline for Flood Insurance...
WASHINGTON, D.C. - September 30, 2013 - (RealEstateRama) -- Today, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) joined a bipartisan group of Senators and House Members from New York and New Jersey urging FEMA Administrator Craig Fugate to grant a six-month extension for thousands of Sandy-impacted homeowners to file flood insurance claims. Under the National Flood Insurance Program (NFIP) managed by FEMA, Sandy-impacted homeowners must file a Proof of Loss (POL) form, a statement on the amount that the homeowner is claiming under his or her flood insurance policy, by October 29th in order to be eligible for coverage for flood damage
TRENTON, N.J. - June 25, 2013 - (RealEstateRama) -- As disaster survivors in New Jersey continue the process of rebuilding their lives and property, there is an issue many could face: “substantial damage,” as defined by the National Flood Insurance Program
TRENTON, N.J. - June 18, 2013 - (RealEstateRama) -- Preliminary Work Maps have been introduced for Monmouth, Hudson, Atlantic and Ocean counties. New Jersey property owners with questions about National Flood Insurance Program rates now have a helpline to call to get the most up-to-date information.
WASHINGTON, DC - May 10, 2013 - (RealEstateRama) -- In remarks on the floor of the Senate, U.S. Senator Robert Menendez called on his colleagues to join him in preventing flood insurance premiums from skyrocketing for thousands of New Jersey homeowners, many of whom found their homes damaged or destroyed in the wake of Superstorm Sandy
WASHINGTON, D.C. - April 9, 2013 - (RealEstateRama) -- If you have experienced a loss as a result of Hurricane Sandy, here are a few things to keep in mind as you prepare to file your 2012 taxes
WASHINGTON, DC - February 6, 2013 - (RealEstateRama) -- To further assist victims of Hurricane Sandy, today U.S. Representatives Bill Pascrell, Jr. (D-NJ), Michael G. Grimm (R-NY), Thomas Rooney (R-FL), and Theodore Deutch (D-FL) introduced the Homeowner Catastrophe Protection Act of 2013. This legislation will provides tax incentives for homeowners and insurance companies to allow them to better prepare for and respond to future natural disasters
Governor Christie Acts to Protect Property Owners Affected by Sandy and Provide Quicker Resolution...
Trenton, NJ - February 5, 2013 - (RealEstateRama) -- Taking further action to help New Jersey residents rebuild and restore their properties after Superstorm Sandy, Governor Chris Christie and Administration officials from key departments today held a Mobile Cabinet in Union Beach, where the Governor announced important measures to help storm-impacted residents resolve Sandy-related insurance disputes more quickly and efficiently. These measures include requested changes to provide for a swifter and fairer conclusion of the National Flood Insurance Program (NFIP) claims process for residents and an order from the Department of Banking and Insurance requiring an improved consumer response time from insurance companies.
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