LEGISLATION PROTECTS HOMEOWNERS AND BUSINESSES FROM EXCESSIVE SETTLEMENT FEES

WASHINGTON D.C. – December 11, 2015 – (RealEstateRama) — Legislation sponsored by Assembly Republicans Nancy F. Muñoz and Jon Bramnick capping the amount licensed public adjusters can charge clients for a catastrophic loss was released by the Assembly Financial Institutions and Insurance Committee today. The bill (A-476) limits payments to no more than 10 percent of an insurance claim settlement.

“Super Storm Sandy showed us that the most important priority in the aftermath of a catastrophe is ensuring that the affected homeowner or business receives the appropriate settlement stipulated in their policy,” said Muñoz, R-Union, Morris and Somerset. “This bill protects policyholders while allowing public adjusters to be fairly compensated for their service.”

“With no cap currently in place in New Jersey, some policyholders may be vulnerable to unscrupulous adjusters,” said Bramnick, R- Union, Morris and Somerset. “This is pro-consumer legislation that protects an insured homeowner or business when there is uncertainty on how to proceed in recouping significant losses.”

The cap covers a period of one year from when the catastrophic loss or natural disaster occurs.