Establishes plan for provision of coverage to homeowners who are otherwise unable to procure homeowners insurance.

This bill creates a state-run insurance plan to provide coverage for New Jersey homeowners who cannot obtain standard homeowners insurance, with special focus on those facing flood risks. It requires all licensed insurers in New Jersey to participate in the plan and offer coverage as defined by the commissioner's rules. Key provisions include establishing fair pricing rules to ensure financial stability, prohibiting external subsidies for the plan, and allowing insurers to transfer applicants to other providers through a limited assignment system. The plan must be reported on annually to the legislature and governor, including actuarial reviews of its financial health.