New Jersey’s largest insurance company is allowing homeowners to choose the cookies that are to be included in their home insurance policies.
Homeowners can choose from five categories of cookies to help pay for a $100 deductible.
They can include a $1,000 home repair deposit, $1 for the first year of a homeowner’s policy, $5 per year for the next four years, or a combination of both.
It’s a big win for those who pay for home repairs and are looking to pay less than $1 million in deductible.
It also could encourage people to shop around and try different cookie choices to see which one they like best.
New Jersey has one of the highest deductibles in the nation, but the state has also taken steps to make it easier to make home repairs.
Homeowner insurance company HomeOwners Insurance Association says it is looking at a new type of cookie called a “Home Repair Certificate,” which could help homeowners avoid paying higher deductibles.
This cookie is just the tip of the iceberg.
Consumers should explore the cookie options available to them.
Home insurance company says cookie choices could help people pay less deductible.
HomeOwners said it has seen a 30 percent drop in the number of home repairs made in the state over the past few years, but has yet to find a cookie that meets the standards of the federal Home Repair Tax Credit, or HCTC.
HomeOwner Insurance Association CEO Michael Smith said the company is taking a look at other cookie choices that would be more likely to lower the deductible and help protect consumers.
“We have seen a lot of changes in home insurance over the years and cookie choices are just part of it,” Smith said.
“When you look at cookie choices, we have seen an increase in the amount of cookie choices over the last couple of years and there has been a very clear correlation that there is a cookie choice that lowers your deductible, lower your deductible but it also raises your deductible slightly.”
Smith said a cookie with the words “free” in the middle would not be allowed in an insurance policy because it would make consumers feel like they are getting the best deal.
“What is going to happen is that the cookie choices will come down,” Smith added.
“That is going be a big factor.”
Homeowners should look at the choices available to consumers and decide which cookies they want to include in their policies, he said.
Smith said the cookies are being made available through the state’s website at www.
New York and Massachusetts have made it more difficult to make a claim on home insurance through the HCTT.
The state will no longer accept any claims from the first day of October for the home repair tax credit.
New Yorkers must pay $500 before they can claim the credit, and a home repair deductible will only be $1.25 million for an insured $500,000 policy.
The deductible will be reduced to $500 per month for an insurance plan with a deductible of $1-2 million.
Home insurers will be able to use the HCRT to help homeowners repair their homes without paying out a deductible.
But the HCPT is not the only option for home owners.
If homeowners do choose to pay the HCFT, they can still choose the cookie they want and still have access to the deductible.
In the New York state case, the company, the New Jersey Insurance Department, told ABC News it is working to make the cookie choice easier.
“If the cookie selection criteria have changed, and we have not received a request for an extension, then it will continue to be the same cookie for New Jersey policyholders,” New Jersey Department of Insurance Secretary Brian Kappelman said in a statement.
HomeInsuranceNewYork.com says a cookie should be an optional choice, but home insurers are still trying to find ways to make cookie choices easier.
HomeInsure New York said it is also looking into making cookie choices less difficult.
“In some circumstances, cookie choices can be more difficult for consumers than others,” a statement said.