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.

The Back Room

McGreevey expresses no desire to be power broker in Newark mayoral race

Former New Jersey Governor James McGreevey might remember that former Newark Mayor Sharpe James played a significant role in helping him to get that title. But regarding the highly contentious Newark mayoral race between candidates Ras Baraka and Shavar Jeffries, McGreevey told PolitickerNJ.com on Thursday that he has no interest in picking a side.  

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Wake-Up Call

Morning Digest: April 17, 2014

Bergen Dems demand Donovan cancel fundraiser with Christie after unlimited contributions commentsHACKENSACK - Bergen County Democratic Chairman Lou Stellato called on Bergen County Executive Kathleen Donovan to cancel a fundraiser scheduled for May 5 with Gov. Chris Christie after he made remarks on allowing unlimited campaign contributions to political...

Op-Ed

The future of NJ Politics should not be politicians investigating politicians

By JON BRAMNICK Voices around the country agree with our concern that "bipartisan committee led by John Wisniewski is partisan." Below are observers who agree Wisneiwski's committee is not bipartisan: Chuck Todd, NBC News: "Democrats made a mistake... Read More >

Contributors

(4-16-14) New Jersey Vote By Mail Law - The voter turnout for New Jersey’s November gubernatorial election was the lowest since the days of prohibition, coming... more »
When it comes to profiling Christie, facts are for wussies (4/10/14) - As the national media stories on our Guv pile up, expect more blunders about the Garden State.... more »
This week I begin a series called Dispatches from Somewhere Else. Based on my on-going experiences as an everyman in New Jersey politics, these Dispatches review the hollowness of... more »
Watching Governor Chris Christie's shocking BridgeGate implosion, it's easy to forget the time when he truly seemed unstoppable.  Blessed with incredible political gifts and a Jersey bluster to match,... more »

Quote of the Day

Quote of the day

“The new agenda is charter schools. It’s a profit-making business. $500 million will not be in our hands. The school board is an advisory board. We are not going to tell the governor to unleash the dollars. Don’t be fooled. It’s not abracadabra. It’s politics.” - Paterson Mayor Jeff Jones

- PolitickerNJ.com

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