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
Copyright 2026 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Was this article valuable?
Here are more articles you may enjoy.
Robotaxi Riders Are Falling Asleep, Sparking Frantic 911 Calls 
Honda’s Insurance Agency Operations Stall, Services ‘Paused’ 
Allianz Unit to Cut as Many as 1,800 Jobs in Push to Adopt AI 
CSU Lowers Atlantic Hurricane Forecast to ‘Well Below Normal’ 
