Inflation impacts all aspects of our lives—but it is having an outsized impact on the cost to repair or replace cars and homes. Data reveals that 20% of homeowners don’t know how much they pay for home insurance[1]—so chances are, many will not anticipate the impact...
Insurance scoring is when insurers use a score, which is based on a policyholder’s credit history, to screen potential customers for underwriting acceptability. Originally, the scoring methodology was developed in the context of evaluating loan applicants. Credit...
So, it used to be that if clients asked you if their homeowners insurance policy covered their property anywhere in the world, you could reply: “Yes. However, if they are in another one of your residences, then coverage is limited to 10% of the limit shown in your...
A letter ran recently in the Albany-based Times Union titled “Commentary: A repeal that would help fraudsters and hurt consumers.” The letter is an opinion piece written by Tod Neifert, an auto theft investigator, which calls for New York Gov. Kathy Hochul to veto...
Two bills passed the New Jersey state Legislature last week, which would impact the personal auto and commercial insurance marketplace, respectively. The auto limits bill was amended in the state Senate. Increase in auto limits S-481, sponsored by Sen. Nicholas...
Senate Six months into the job as state Senate President, Sen. Nicholas Scurtari, D-22, is looking to put his stamp on New Jersey’s automobile insurance marketplace. Last week a series of bills—sponsored by Scurtari—passed the Senate Commerce Committee. If signed into...
Recently, the Superior Court of New Jersey, Appellate Division held in the case of Vera v. State Farm Indem. Co. that New Jersey’s no-fault law does not bar policyholders from pursuing a claim of bad faith against their insurer. How did we get here? The plaintiff and...
The New York state Senate just passed S.6028, 56-7, sponsored by Sen. Neil D. Breslin, D-44. This bill would make photo inspections of private passenger automobiles optional. Currently, many consumers are required to get a photo inspection of their vehicle within 14...
The 2021-22 legislative session is wrapping up this week with the House and Senate set to complete all their work by May 26, 2022. The Legislature just completed the committee of conference phase, which is when committees made up of four House members and three...
The New York state Senate passed A.9284-A on May 10, 2022, with a 49-13 vote. This bill—sponsored by Assemblymember Deborah J. Glick, D-66—would be a chapter amendment to the 2021 dog breed law. It would close a loophole in the current law by...