21 Sep: Buono Introduces Bill Requiring Insurers To Develop ‘Homeowners Insurance Buyers Guide’

TRENTON – Senate Majority Leader Barbara Buono (D-Middlesex) has introduced legislation to require insurance providers to develop a ‘homeowners insurance buyer’s guide’ to provide consumers with clear and detailed information about their policies, a measure intended to prevent problems experienced in the wake of Hurricane Irene by homeowners who were unclear as to whether certain property damages were covered under their policies.

“Homeowners should know exactly what is contained in their policy at the time of purchase, including whether damage from certain disasters, such as a hurricane or flooding, would be covered and to the extent their policy would cover it,” said Senator Buono. “Unfortunately, there is little information available for consumers on a pre-purchase basis. Further, even when consumers are able to access their policy, they still may not be able to fully comprehend the details. A plain-language guide would give consumers clear and concise information about available policies, providing them peace of mind during the purchasing process and eliminating any confusion should they find themselves in the position of having to file a claim.”