Attention homeowners affected by Sandy


Many residents of the Jersey Shore saw their homes devastated when tropical storm Sandy made landfall on October 29th of last year.  Adding insult to injury, most homeowner’s insurance policies have classified the damages from Sandy as being attributable to flood damage, as opposed to wind, and denied coverage.  This leaves hundreds of homeowners with only their limited flood insurance to compensate them and help them rebuild.  It begs the question: in situations where the value of their homes exceeds their flood insurance coverage, why didn’t their brokers suggest supplemental flood coverage?

Often time’s residents are not even aware that excess flood coverage was available because their insurance brokers failed to inform them.  In New Jersey, insurance agents have a duty to act in good faith and are expected to possess reasonable knowledge of various types of policies, their different terms, and the coverage available in the area in which his principal needs to be protected.
The New Jersey Supreme Court recently stated, “if a broker neglects to procure the insurance or if the policy is void or materially deficient or does not provide the coverage he undertook to supply, because of his failure to exercise the requisite skill or diligence, he becomes liable to his principal for the loss sustained thereby.”

If you have inadequate flood insurance to cover the property damage your home suffered as a result of Sandy and used a broker when you purchased your insurance, you may be entitled to compensation.  Please contact Keefe Law Firm immediately to speak with an attorney.  All consultations are free of charge.