NJ S4722

Creates a 17-member Joint Blue Ribbon Task Force on Impacts of Climate Change on Property Insurance within the Department of Banking and Insurance, including state commissioners, legislators, private sector representatives, nonprofit advocates, and academic experts

Requires the task force to analyze how state and federal programs may be subsidizing risky development decisions, identify communities where properties are or will become uninsurable within the next 50 years, and assess impacts on affordable housing inventory

Directs examination of insurance market changes on real estate values, displacement and segregation impacts on low and moderate income communities, and availability of climate data sources

Task force must submit a report with findings and recommendations to the Governor and Legislature within one year of member appointments, after which the task force expires

Cites a 69.54% increase in the rate insurers dropped homeowners policies in New Jersey between 2018 and 2022, jumping from 0.47% to 0.8%