By State Street Wire Staff | November 2nd, 2012 - 12:48pm
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TRENTON – Gov. Chris Christie has signed an executive order prohibiting insurance companies from imposing costly hurricane deductibles on New Jersey homeowners in the wake of Hurricane Sandy.

“We need to ensure that homeowners are not forced to pay higher out of pocket costs than required as they begin the rebuilding and repair process,” Christie said in a release announcing the order.

This action will help to increase the total amount of payments made by the insurance industry, Christie said in the release, and help residents rebuild.

The state offered one example:

A hurricane deductible typically can be in the amount of two to five percent of a property's insured value. Thus a $500,000 house with a four percent hurricane deductible would result in a homeowner being responsible for a $20,000 deductible, rather than a more standard deductible in the $500-2,000 range.

Insurers are permitted to charge hurricane deductibles in certain circumstances. However, as the National Weather Service classified Hurricane Sandy as a post-tropical storm prior to landfall in New Jersey, the storm did not meet the first regulatory threshold required to apply a hurricane deductible, the governor point out.

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Quote of the Day

quote of the day

"Christie’s method for coping with scandal has been more complicated. In January, the seemingly-local issue of lane closings on the George Washington Bridge, which created a massive traffic jam in the Hudson River town of Fort Lee, became one of national interest when it was revealed that one of Christie’s closest staffers had ordered them—for what looked like political retribution against a Democratic mayor. The scandal was quickly dubbed 'Bridgegate,' and unfortunately for Christie, it played into his reputation as a bully. Christie's response was to act unlike himself: humble." - Olivia Nuzzi

- The Daily Beast

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