OT: Insurance at the Shore

[fg7321]

Didn't know the Asbury Park Bier Garten was still not open!

Insurance denials keeps Asbury Festhalle & Biergarten shut down as St. Patrick's Day looms

Insurance denials mean Asbury Festhalle & Biergarten in Asbury Park still can't reopen after catastrophic flooding last fall.

www.app.com

Next major storm that hits is going to knock out other homeowners and business places.

 

[RU from Jersey]

I certainly do not know what was in their policy, but why pay for insurance if you have to fight with the insurance company every time you get hit with a disaster. Now if they win their appeal I am sure their premiums will at least double going forward.

 

[T2Kplus20]

I certainly do not know what was in their policy, but why pay for insurance if you have to fight with the insurance company every time you get hit with a disaster. Now if they win their appeal I am sure their premiums will at least double going forward.

Maybe they were under-insured and had their claim denied? Many complex/building owners are cheap and cut corners with insurance.

 

[rufeelinit]

If you have a home near the ocean it is getting harder to find someone willing to underwrite the property even at a substantial increase to your current premium.

 

[rutgersal]

I certainly do not know what was in their policy, but why pay for insurance if you have to fight with the insurance company every time you get hit with a disaster. Now if they win their appeal I am sure their premiums will at least double going forward.

Sounds like they don’t have flood insurance. It is specific coverage that often gets missed. We didn’t have it and We got screwed during Sandy, and had to pay for all our repairs out of pocket. In our situation, the electricity went out, so the sump pumps weren’t working. So our basement had 4’ of water, and was destroyed.

 

[Plum Street]

Sounds like they don’t have flood insurance. It is specific coverage that often gets missed. We didn’t have it and We got screwed during Sandy, and had to pay for all our repairs out of pocket. In our situation, the electricity went out, so the sump pumps weren’t working. So our basement had 4’ of water, and was destroyed.

Always good to have the sump pump rider . Very inexpensive. It doesn’t cover much . Maybe 10k . But better than nothing

 

[ClassOf02]

Hard to know exactly where the fault lies here without knowing the specifics of what type of insurance was purchased. Lazy article from that respect. But if a business in Asbury Park east of 71 (i.e. very near the coast) did not buy flood insurance….well, I don’t know what to tell ya.

 

[rutgersdave]

If you have a home near the ocean it is getting harder to find someone willing to underwrite the property even at a substantial increase to your current premium.

Will this affect the weekly vacation charge for shore homes?

 

[ClassOf02]

Will this affect the weekly vacation charge for shore homes?

For sure. To some extent, I’m confident it already has. The only reason landlords/homeowners would not pass that along to the renter is if the market won’t allow it. But between rising costs for shore properties, inflation, and insurance premium increases, rentals have already gone up significantly the last few years.

 

[Knight Shift]

If you have a home near the ocean it is getting harder to find someone willing to underwrite the property even at a substantial increase to your current premium.

Is this for flood insurance or just homeowners?
After Sandy, we dropped flood insurance for your rental property 5 houses from the ocean. Forget the particulars, but the premium versus the limit of coverage for the structure was ridiculous, and we figured that in 10 years, we could cover the cost of "rebuild" with what we saved in premium. We are able to do this because we were no longer carrying a mortgage. There has been more pressure on the feds to cut funding to flood insurance as many that benefit from these programs are wealthy people with second homes at the beach. On the other hand, this does not address the people who live in places like Manville that have flooding issues.

Insurance companies are scum. They will use every trick in the book to wiggle out of providing coverage.

 

[RU at the shore]

Too bad, as that is a great place !

 

[rutgersal]

Always good to have the sump pump rider . Very inexpensive. It doesn’t cover much . Maybe 10k . But better than nothing

In our case, we should have had a sump pump with battery backup. Would have saved a lot of money.

 

[rutgersdave]

Is this for flood insurance or just homeowners?
After Sandy, we dropped flood insurance for your rental property 5 houses from the ocean. Forget the particulars, but the premium versus the limit of coverage for the structure was ridiculous, and we figured that in 10 years, we could cover the cost of "rebuild" with what we saved in premium. We are able to do this because we were no longer carrying a mortgage. There has been more pressure on the feds to cut funding to flood insurance as many that benefit from these programs are wealthy people with second homes at the beach. On the other hand, this does not address the people who live in places like Manville that have flooding issues.

Insurance companies are scum. They will use every trick in the book to wiggle out of providing coverage.

They learned from Hurricane Katrina in New Orleans to stiff the homeowners. The problem is they never thought so many homes would be damages and premium didn’t cover it. that’s why the Florida insurance premiums are going up so fast.

 

[tom1944]

In our case, we should have had a sump pump with battery backup. Would have saved a lot of money.

We have an entire house generator after Sandy

 

[Knight Shift]

Always good to have the sump pump rider . Very inexpensive. It doesn’t cover much . Maybe 10k . But better than nothing

In our case, we should have had a sump pump with battery backup. Would have saved a lot of money.

We have an entire house generator after Sandy

In the case of the Asbury businesses that flooded out due to the lake overflowing and taking over the entire street and flooding out the first story and basement of many businesses, a sump pump is quite worthless.

Same for during Sandy. We have 4.5 feet of water at up against our home.

 

[Plum Street]

In the case of the Asbury businesses that flooded out due to the lake overflowing and taking over the entire street and flooding out the first story and basement of many businesses, a sump pump is quite worthless.

Same for during Sandy. We have 4.5 feet of water at up against our home.

I mean the rider on the insurance policy.

But yes storm surge I am sure isn’t covered

 

[rutgersal]

We have an entire house generator after Sandy

That would have worked too. After Sandy, my neighbors installed a Kohler whole house generator.

 

[rutgersal]

In the case of the Asbury businesses that flooded out due to the lake overflowing and taking over the entire street and flooding out the first story and basement of many businesses, a sump pump is quite worthless.

Same for during Sandy. We have 4.5 feet of water at up against our home.

Talking about inland residential dwellings. For dwellings near water, don’t know what you can do.

 

[Knight Shift]

Talking about inland residential dwellings. For dwellings near water, don’t know what you can do.

Yes, but I thought the thread was about the flooding from the lake bordering Asbury and Ocean Grove. The information is helpful for inland dwellings. We have a generator and sump pump inland, and it has served us well.

 

[knightfan7]

Is this for flood insurance or just homeowners?
After Sandy, we dropped flood insurance for your rental property 5 houses from the ocean. Forget the particulars, but the premium versus the limit of coverage for the structure was ridiculous, and we figured that in 10 years, we could cover the cost of "rebuild" with what we saved in premium. We are able to do this because we were no longer carrying a mortgage. There has been more pressure on the feds to cut funding to flood insurance as many that benefit from these programs are wealthy people with second homes at the beach. On the other hand, this does not address the people who live in places like Manville that have flooding issues.

Insurance companies are scum. They will use every trick in the book to wiggle out of providing coverage.

Both continue to go up. For Flood I pay nothing even close to what I was before the lift but Homeowners has been going up pretty significantly. Then there's the hurricane deductable which can be up to 5% of the homes value.

 

[Knight Shift]

Both continue to go up. For Flood I pay nothing even close to what I was before the lift but Homeowners has been going up pretty significantly. Then there's the hurricane deductable which can be up to 5% of the homes value.

Even with the home being raised above the required elevation? That's kind of strange, but wonder if the insurance companies are just making more $$$, or if it is the cutting of funding of the program or both that have driven up the cost.

 

[RUskoolie]

Even with the home being raised above the required elevation? That's kind of strange, but wonder if the insurance companies are just making more $$$, or if it is the cutting of funding of the program or both that have driven up the cost.

Insurance companies across America have taken a beating the last few years and that's what premiums on renewals are sky high.

 

[knightfan7]

Even with the home being raised above the required elevation? That's kind of strange, but wonder if the insurance companies are just making more $$$, or if it is the cutting of funding of the program or both that have driven up the cost.

By 2018 I was paying over $6k for flood. Now it's $700. It's Homeowners where costs are like Florida.

 

[fg7321]

We have an entire house generator after Sandy

Is it raised up because if not it might get flooded out