New Jersey Department of Banking and Insurance
Holly C. Bakke Commissioner
FOR IMMEDIATE RELEASE: April 17, 2002
FOR FURTHER INFORMATION: MARY CAFFREY or PETER HARTT (609) 292-5064
DEPARTMENT RELEASES NEW HOMEOWNER’S INSURANCE PRICE COMPARISON TO HELP CONSUMERS SHOP FOR COVERAGE
TRENTON - Banking and Insurance Commissioner Holly Bakke today announced the release of the 2002 Homeowner’s Insurance Premium Comparison Survey, a guide to help consumers compare rates for homeowner, renter and condominium insurance.
"Information is the key to smart shopping," Commissioner Bakke said. "But finding that information hasn’t always been as easy for consumers as it could be. The Department is trying to change that with the release of this and other similar consumer guides."
The Premium Comparison and several other consumer resources can be found online at the Department’s web site, or obtained by mail by calling the Department at 1-800-446-SHOP (1-800-446-7467).
The Comparison serves as a companion to the Department’s comprehensive, recently released Consumer Guide to Insuring Your Home, which can also be obtained online or by mail. Prices in the survey are based on data collected as of Dec. 31, 2001 and will differ depending on a variety of factors, including the dwelling’s age, type of construction, distance to the nearest fire hydrant or fire station, size of the deductible and amount of coverage.
Commissioner Bakke urged consumers to use both guides, and to also consider a company’s financial strength, level of customer service, and the policy’s terms and conditions before making their final choice.