ShoreOne enters New Jersey

MA-based MGA ShoreOne Insurance Managers is launching its admitted, residential homeowners policy with full flood insurance protection in New Jersey.

The 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.

ShoreOne’s technology delivers a 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.

“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.” – Nick Steffey, ShoreOne Chief Executive Officer.

“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.” – Bill McMahon, President of McMahon Insurance Agency of Ocean City, NJ and Anderson Insurance Agency of Manahawkin, NJ.