Bill Text: NJ A3526 | 2010-2011 | Regular Session | Introduced
Bill Title: Requires insurers writing homeowners insurance policies in the State to disclose premiums for endorsements.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2010-12-06 - Introduced, Referred to Assembly Financial Institutions and Insurance Committee [A3526 Detail]
Download: New_Jersey-2010-A3526-Introduced.html
Sponsored by:
Assemblyman PETER J. BIONDI
District 16 (Morris and Somerset)
Assemblywoman DENISE M. COYLE
District 16 (Morris and Somerset)
SYNOPSIS
Requires insurers writing homeowners insurance policies in the State to disclose premiums for endorsements.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning homeowners insurance premium disclosures and supplementing Title 17 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. As used in this act:
"Commissioner" means the Commissioner of Banking and Insurance.
"Homeowners insurance" means personal lines insurance provided against loss to real and personal property as defined in the standard fire policy and extended coverage endorsement thereon, a dwelling policy, the homeowners multiple peril policy, insurance against the perils of vandalism, malicious mischief, burglary, or theft, or liability insurance or any combination thereof, or any other such policy delivered, issued or renewed or approved by the commissioner for issuance, delivery or renewal in this State.
2. An insurer authorized to transact the business of homeowners insurance in this State shall not issue, deliver, or renew a homeowners insurance policy on or after the 90th day following the effective date of this act unless the insurer provides to the insured, at the time of the issuance, delivery, or renewal of the policy, a written disclosure of:
a. the premium for the coverage provided by the policy; and
b. each separate premium for the coverage provided by each endorsement to the policy.
3. The commissioner shall adopt regulations pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), necessary to effectuate the provisions of this act.
4. This act shall take effect immediately.
STATEMENT
This bill requires insurers that issue homeowners insurance policies in the State to include with the policy a written disclosure of the premium for the coverage provided by the policy and the separate premiums for the coverage provided by each endorsement to the policy. Insurers offer a variety of endorsements that alter a homeowners insurance policy's coverage and these endorsements often require an additional premium. This bill would protect homeowners by ensuring that the premiums for the policy and for each endorsement are disclosed to the homeowner.
