New Jersey Administrative Code
Title 11 - INSURANCE
Chapter 2 - INSURANCE GROUP
Subchapter 42 - HOMEOWNERS INSURANCE: STANDARD HURRICANE DEDUCTIBLES AND EXPEDITED PROCESS FOR HOMEOWNERS INSURANCE RATE CHANGES
Section 11:2-42.9 - Application of hurricane deductibles

Universal Citation: NJ Admin Code 11:2-42.9

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Insurers and the FAIR Plan may file to use mandatory hurricane deductibles of up to five percent and optional hurricane deductibles up to 10 percent.

(b) Hurricane deductibles may be used in areas designated by the ZIP codes set forth in Exhibit E in the Appendix to the subchapter, incorporated herein by reference. In addition, subject to approval by the Department, insurers and the FAIR Plan may file to use hurricane deductibles as set forth in (a) above in areas not designated by the ZIP codes set forth in Exhibit E. In determining whether to approve a request to apply mandatory and/or offer optional hurricane deductibles in areas beyond those set forth in Exhibit E, the Department shall consider:

1. An insurer's exposure to catastrophic hurricane losses, associated reinsurance costs, and potential impacts to the insurer's solvency;

2. Associated reinsurance costs; and

3. Potential impacts to the insurer's solvency.

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