Client Alert: New Statute Requires Rental Unit Owners to Maintain Liability Insurance
Does your community association own rental units? If so, then you need to know about the new law that went into effect in New Jersey on November 3, 2022.
Under the new law (N.J.S.A., 40A:10A-1-2), the owner of a rental unit or units or the owner of a business is required to maintain certain liability insurance. The coverage must be for negligent acts and omissions in a minimum amount of $500,000 for combined property damage and bodily injury to or death of one or more persons in any one accident or occurrence.