Bill Aims To Eliminate Insurance Confusion
By Phil Gregory, WBGO News
Trenton. January 29, 2013
New Jersey lawmakers are considering legislation to help homeowners better understand their insurance policies.
Assemblyman Reuben Ramos says many homeowners were shocked to learn their insurance policies did not cover the damage caused by Hurricane Sandy.
“They saw the water coming into their homes, and I think the first thing they said is I’ll call my insurance company up and we’ll be able to take care of this and this will be covered. We’ll just have to go through the process, but lo and behold they found a lot of things were not covered or the amount that they thought it would be covered up to was not in fact true.”
Ramos is co-sponsoring a bill that would require a one-page summary of a policy’s coverage and exclusions.
“We’re paying our premiums. We’re paying all our costs. We don’t read the fine print as to what is exactly covered. Basically a glossary, what is wind damage, what is surge damage, what is flood damage. So we really need to understand what is in our insurance policies. We’re trying to make this as consumer-friendly as possible.”
The Assembly passed the measure without opposition. Ramos is hopeful the Senate will act on it within the next few months.
© 2013 WBGO News
Wall Township. May 24, 2013
Analyst does not expect much change in price for next 60 days. Read More
Bradley Beach. May 24, 2013
Projects will affect contour of the beach. Read More
May 23, 2013
A new report released today says pharmacies that are meant to customize individual prescriptions are racking up safety violations and manufacturing dangerous drugs that could end up on the shelves of your local pharmacies. Read More
Trenton. May 23, 2013
Urge lawmakers to act before their summer break. Read More
Newark. May 23, 2013
Aljira, Newark's center for contemporary art, celebrates 30 years and looks forward to the city's renaissance. Read More