BOSTON--(BUSINESS WIRE)--ShoreOne Insurance Managers, Inc. is launching its admitted, residential homeowners policy with full flood insurance protection in New Jersey. This first-of-its-kind product is already live in South Carolina and there are plans to expand into other states on the Eastern Seaboard after New Jersey, as well. Previously, homeowners with coastal properties had to purchase separate policies and pay separate deductibles. The flood policies were generically priced and did not cover the real cost of replacing the home or temporary living expenses if the homeowner was displaced.
New Jersey coastal homeowners became acutely aware of the dangers of flood in the wake of Superstorm Sandy. The 2012 event found many without adequate insurance, some of whom have been unable to rebuild nearly nine years later.
ShoreOne’s proprietary technology delivers a highly customized policy designed to close this protection gap. Policies are sold exclusively through ShoreOne agency partners. Homeowners will find significantly broader coverage, and in many cases, premium savings compared to their existing insurance.
Nick Steffey, ShoreOne Chief Executive Officer said, “We’ve been very pleased by the support from the Department of Banking and Insurance in New Jersey. They, like their counterparts in South Carolina, have recognized the need for more comprehensive flood solutions for their coastal constituents.”
Bill McMahon, President of McMahon Insurance Agency of Ocean City, NJ and Anderson Insurance Agency of Manahawkin, NJ says, “There is a large coverage gap for coastal homeowners who frequently get inadequate flood coverage. We are pleased to see ShoreOne enter New Jersey and as leading coastal agencies in this area, we support continued growth in the private flood market.”
About ShoreOne Insurance
ShoreOne Insurance Managers, Inc. was founded in 2019 to address the significant coverage gap that flood-exposed coastal homeowners face. Rather than placing the burden on homeowners to piece together coverage for their properties, ShoreOne provides one policy that covers both traditional homeowners’ perils and flood. ShoreOne policies are distributed through independent insurance agents with strong technical expertise and experience in solving coastal insurance problems. ShoreOne is backed by some of the largest reinsurers in the world who have combined assets in excess of $90 billion. Bringing together experienced leadership, proprietary technology, and a family-friendly way of doing business, ShoreOne is taking better care of coastal homeowners.