BrightShore Insurance launches comprehensive coastal coverage in New Jersey

BrightShore Insurance Company, a newly launched provider, is addressing the insurance needs of coastal homeowners in New Jersey.

By offering a single policy that combines traditional homeowners insurance with full flood protection, BrightShore aims to tackle the common issue of inadequate flood coverage.

BrightShore, managed by the skilled team at ShoreOne Insurance Managers, has earned a Financial Stability Rating® of A, Exceptional, from Demotech, Inc. Building on ShoreOne’s approach, BrightShore offers a unique policy that combines traditional homeowners insurance with full flood protection.

This integrated coverage serves as an alternative for millions of National Flood Insurance Program (NFIP) policyholders who are underinsured against floods. Additionally, it simplifies the process for homeowners without flood insurance, providing them with a straightforward option for comprehensive coverage.

“Demotech is proud to leverage our experience and capabilities to identify financially stable insurers to assist consumers in coastal New Jersey secure the coverage that they need,” added Joseph L. Petrelli, Co-Founder and President of Demotech.

“For four decades, Demotech has been the trusted financial analysis firm for independent insurers who serve challenging regions. We are excited to see ShoreOne and BrightShore bring their substantial expertise and experience to this market.”

BrightShore uses advanced risk modelling to offer one of the most sophisticated homeowners insurance policies available. Its segmented pricing system takes into account geospatial factors and individual risk characteristics. This approach has garnered support from some of the world’s largest reinsurers, with combined assets exceeding $90 billion.

Additionally, BrightShore’s comprehensive inspections ensure accurate policyholder data, verify proper coverage, and help identify potential hazards for homeowners to address.

“With flood risk rising and underinsurance prevalent, BrightShore is launching in New Jersey to meet the demand of coverage-conscious homeowners,” added CEO Nick Steffey. “This compelling opportunity positions us well to continue capturing significant market share in the profitable sectors of the evolving property insurance market.”

Bill McMahon, President of McMahon Insurance Agency, Ocean City, New Jersey, noted: “There’s a significant coverage gap for coastal homeowners. We’re pleased to see BrightShore enter New Jersey to support growth in the private flood market.”

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