Some Insurance Companies Drop Homeowners In Shore Towns
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By David Madden
TRENTON, N.J. (CBS) — Some vacation homeowners down the shore are getting cancellation notices from their insurance companies.
In the wake of Superstorm Sandy, some firms are deciding not to offer homeowners insurance there anymore.
If you get such a note, there’s no reason to panic. It all comes down to money. Even if you didn’t file a storm related claim, you might get a cancellation notice as some firms re-do their portfolios.
New Jersey Insurance Department spokesman Marshall McKnight says they’re keeping an eye on things, mostly by watching those forced into the insurance plan of last resort.
“FAIR plan enrollment continues to go down,” McKnight says. “That tells us that there’s plenty of coverage available in the homeowners’ insurance markets.”
Although, the long term effect of Sandy on insurance rates and availability is still to be determined.
Help is available, if you need it, at 800-446-7467 or online www.dobi.nj.gov