Home buyers across New Jersey are finding it more difficult to obtain homeowners insurance at an affordable rate when buying a home, according to the New Jersey Association of Realtors ™ .
Realtors across the state have reported working with clients who could not find coverage for a new home purchase even though the home was already insured. Reports indicate underground storage tanks, certain types of synthetic stucco, knob and tube wiring and older homes in general, are being denied coverage. In many cases buyers are forced to settle for less coverage at a higher premium.
The New Jersey Association of Realtors™ has formed a task force to study the issue and propose solutions.
Realtors across the state have reported working with clients who could not find coverage for a new home purchase even though the home was already insured. Reports indicate underground storage tanks, certain types of synthetic stucco, knob and tube wiring and older homes in general, are being denied coverage. In many cases buyers are forced to settle for less coverage at a higher premium.
The New Jersey Association of Realtors™ has formed a task force to study the issue and propose solutions.
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