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NJ S306
Bill
Status
1/9/2024
Primary Sponsor
Brian Stack
Click for details
AI Summary
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Municipalities may adopt ordinances allowing them to place liens on insurance proceeds from fire-damaged properties to ensure restoration, demolition, or repair of damaged structures
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Insurance companies must withhold claim payments exceeding $2,500 for fire damage until all taxes, assessments, municipal liens, and anticipated demolition costs are satisfied
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Property owners have 120 days to agree in writing to restore fire-damaged property to its prior condition; if they fail to do so, municipalities may escrow and retain insurance proceeds to secure, repair, or demolish the property
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Business owners and rental property owners must maintain liability insurance for fire and explosion damage of at least $500,000 for combined property damage and bodily injury
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Owners of multifamily homes with four or fewer units (one owner-occupied) must maintain fire and explosion liability insurance of at least $300,000
Legislative Description
Permits municipalities to place lien on fire-damaged property's insurance proceeds in certain instances and requires fire and explosion insurance coverage for certain individuals.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
1/9/2024