New Jersey S4326 prohibits insurers from using credit history when evaluating homeowners insurance policies.

New Jersey S4326 prohibits insurers from using an individual’s credit history when determining homeowners insurance premiums. This means insurers cannot deny, cancel, refuse to renew, or raise the premium of a policy, or assign a rating tier, based on credit history. The bill also prevents insurers from using credit history to evaluate eligibility for certain payment plans. This change aims to make obtaining homeowners insurance more equitable for New Jersey residents by removing credit history as a factor in premium determinations.

New Jersey S4326 prohibits insurers from using credit history when evaluating homeowners insurance policies.

New Jersey S4326 prohibits insurers from using an individual’s credit history when determining homeowners insurance premiums. This means insurers cannot deny, cancel, refuse to renew, or raise the premium of a policy, or assign a rating tier, based on credit history. The bill also prevents insurers from using credit history to evaluate eligibility for certain payment plans. This change aims to make obtaining homeowners insurance more equitable for New Jersey residents by removing credit history as a factor in premium determinations.