Creates Joint Blue Ribbon Task Force on Impacts of Climate Change on Property Insurance.

New Jersey's S 687 creates a 17-member task force to study how climate change impacts property insurance availability and affordability. The task force, including state agency leaders, legislators, insurance industry representatives, and environmental advocates, will examine issues like whether federal programs or industry practices subsidize risky development, where insurance costs don't match actual flood/fire risks, and which communities may become uninsurable within 50 years. It will specifically analyze how rising insurance costs affect coastal areas (noting a 69.54% jump in policy drops from 2018-2022), affordable housing, and low-income communities. The task force must submit a report with findings and recommendations to the Governor and Legislature within one year of its formation.