A new law, signed by Governor Phil Murphy in August 2022, requires owners of all businesses and residential rental properties in New Jersey to annually provide proof of insurance to the municipality where they are located. In addition, this law increases the minimum liability limits these businesses are required to maintain.
As of November 3rd, 2022, landlords and business owners in New Jersey will be required to carry at least $500,000 in liability insurance for deaths or bodily injuries that may occur at their properties. For small, multifamily rental properties that are owner-occupied, the minimum liability insurance limit will be $300,000. Fines of up to $5,000 may be levied against any owner who fails to comply with this Act.
To read the full text of the Act, click here.