The New Jersey Department of Banking and Insurance published a bulletin on the state of insurance for affordable housing developments. The Department has heard concerns about the availability and cost of insurance for affordable housing developments, which includes the Section 8 Housing Choice Voucher Program, Low Income Housing Tax Credits, Housing Assistance Program, Family Development Vouchers, Special Needs Housing Subsidy, and Municipal Affordable Housing Trust Funds.
All insurers conducting property and casualty business in the state are required to respond to Order No. A24-06. The Order requires insurers to respond to a data call and includes instructions, a Survey Form, and a signed affirmation, which can be found on the Department site here. Responses should be sent by email to [email protected] by August 22, 2024.
Insurers that have written premium in 2023 for the following lines of business are required to respond: fire; allied lines; homeowners multiple peril; commercial multiple peril (non-liability portion and liability portion); inland marine; workers' compensation; other liabilities (occurrence and claims-made); excess workers' compensation; fidelity; and boiler and machinery. Insurers writing policies insuring residential properties must respond to the queries in the AHI Survey Form. Insurers that don't write residential properties aren't required to respond but should affirm that in written statement through email.
The survey responses cannot be submitted on a group basis but should be completed separately by each company. Failure to comply with the Order may result in penalties.
The bulletin can be found here.