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State Net Capitol Journal Legislative Updates: Super Storm Sandy Victims Take Another Financial Hit

SUPER STORM SANDY VICTIMS TAKE ANOTHER FINANCIAL HIT: Thousands of vacation home and business owners in coastal areas of New Jersey slammed by Hurricane Sandy last October are getting hit with big increases in their flood insurance premiums this year. Richard Bandazian, who owns a vacation home on...

Foreclosure Destroys Insurable Interest

Every first party property policy of insurance requires that the person insured have an insurable interest in the property, the risk of loss of which was sought to be insured. The policy limits coverage to the extent of the insurable interest. If there is no insurable interest there is no damage to the...