State Farm Nonrenewing Some Jersey Shore Policies

A major insurer is telling some Jersey shore customers that their home insurance policies will not be renewed.

State Farm Insurance Company says it is trying to limit its exposure of catastrophic property loss. The company says it’s dropping 2 percent of its customers over the next five years.

The plan was approved by the state Banking and Insurance Department.

Some property owners say that without State Farm, their only insurance option is the higher-priced Lloyd’s of London.

Insurance experts say the risk-aversion for insurers started with the industry’s huge losses due to Hurricane Katrina in 2005.

___

Information from: The Press of Atlantic City

Latest Comments

• April 23, 2008 at 7:57 am

  wudchuck says:

  well...whether de or nj...look at the broader picture -- neither state has been hit by a major hurricane. when storms move northward along the east coastline, the water gets ... read more
• April 23, 2008 at 7:47 am

  Alan says:

  Think of who lives "on the shore" and what it costs them. Only the wealthy and priviledged can afford those homes. Then, they cordone off the beaches to keep the common folk... read more
• April 22, 2008 at 5:22 am

  wudchuck says:

  well, sounds like hands allowing the homeowners to slip through. afterall, when was the last time a hurricane hit delaware? how many major hurricanes have hit the delaware co... read more