Insurance companies are praising NJ governor Chris Christie for implementing strict building codes after hurricane Sandy ravaged the entire NJ coast line. Hurricane Sandy is responsible for at least 40 deaths in New Jersey alone; and it would appear that governor Christie is bound and determined to prevent this magnitude of a loss from happening again in the future.
On Tuesday, the governor announced that the new building codes will take effect immediately for zones that are at high risk for floods. This will require homeowners to spend several thousand dollars, from their own pockets, to bring their homes up to the new "aggressive" building code standards. If homeowners fail to act now, they could face steep insurance premium spikes.
Source:
Bloomberg Businessweek News
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