Assembly Financial Institutions and Insurance Committee Chair Gary S. Schaer convened a hearing today to discuss insurance issues facing New Jersey residents in the aftermath of Superstorm Sandy. After hearing extensive testimony from, among others, the Commissioner of the NJ Department of Banking and Insurance and industry representatives, Schaer issued the following statement:
“One of the most important things we’ve learned from this hearing today is that many consumers aren’t familiar with the specifics of their policy, particularly when it comes to storm-related coverage. Moving forward, every one should take the time to educate themselves on the details of their policy to make sure that they have chosen the appropriate coverage to handle their unique needs. An educated consumer is the best consumer, especially when dealing with complex insurance claims.
“I must commend the administration and the Department of Banking and Insurance (DOBI) for their efforts during and after the storm to protect and fight for our consumers. It’s important to note that the department has established a hotline to monitor consumer complaints, which residents should not hesitate to utilize if they have issues or concerns with the handling of their claims.
“Moving forward, the best way to assure our recovery is to stay on top of this issue and continue monitoring concerns. As we move steadily into the rebuilding phase, adequate handling of insurance claims will be crucial to our efforts,” said Schaer (D-Bergen/Passaic).