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The New Jersey Department of Banking and Insurance has adopted new rules for those companies utilizing a hurricane deductible. These rules standardize the language of the hurricane deductible endorsement and require each company to provide at new business and renewal a policyholder notice and consumer brochure that explains the hurricane deductible program in use.

The New Jersey Insurance Underwriting Association has had a hurricane deductible in place since March 1999 for dwelling fire business located in 92 coastal zip codes designated by the Department of Banking and Insurance. The Association has adopted the standardized hurricane deductible endorsement language proposed by the Department of Banking and Insurance effective March 1, 2004 for new business and May 1, 2004 for renewal business. Although the format of the endorsement has been changed, the way the deductible is applied to a policy in the event of a covered loss has not changed. The hurricane deductible percentage and the corresponding all peril deductible determined by the property’s distance from the ocean or bay remain the same as well.

The new endorsement, HD 04 05 (01-2004) replaces the existing Hurricane Deductible Endorsement, HD 99 01 (03-99) and HD 99 04 (03-99), Hurricane Damage Mitigation Plan form. The information contained in these two forms is now part of the new Hurricane Deductible Endorsement and the new Consumer Guide, HDP (02-2004).

If you have any question about this program, click here.