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.
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Information from: The Press of Atlantic City
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