A bill proposed in the wake of Superstorm Sandy that would have insurers produce a single-page summary of a homeowners policy in New Jersey moved a step closer to passage after an Assembly committee approved language the industry can live with.
Yesterday, the Financial Institutions and Insurance Committee sent to the Assembly floor a bill (A-3642) that would require insurers writing homeowners policies to provide a consumer-information brochure "written in a simple, clear, understandable, and easily readable way" explaining the hurricane deductible and providing information about flood insurance.
As first reported in the The Star-Ledger, the reason for the bill is that Superstorm Sandy demonstrated that consumers do not understand their insurance policies and the bill is an effort to clear-up that confusion, explained Assemblyman Gary Schaer, D-Bergen and Passaic, a primary sponsor.
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