By Lauren Wanko
NJ Today
Flood waters inundated Curtis’ Central Market in Bay Head. Everything was lost to Sandy. Owner and Mayor Bill Curtis thought his flood insurance settlement would cover the $500,000 cost of the damage.
“The flood insurance, I thought I had a good policy. Unfortunately I increased the deductible this year because the price was high, but I had a $500,000 dollar limit on it,” Curtis said. “I thought I was covered to the hilt and that I would get the max.”
But Curtis didn’t get the max. All told he received about $175,000.
“I don’t know what they’re thinking or why I’m not getting a better settlement,” Curtis said. “What’s so difficult about that side of the business is if you miss a premium payment, they’re ready to cancel you just like that. They’re looking for money too, I understand all that, but now it’s our turn and we need to get paid for what we signed up for.”
Businesses and Individuals filed more than 516,000 insurance claims with 90 percent of those claims closed five months after the superstorm.
Of the 466,000 claims closed, 77 percent received payment. The New Jersey Department of Banking and Insurance says reasons for non-payment vary from the price tag of damages being less than the deductible to claims made on a wrong policy.
Curtis also has property insurance, but he only received an $8,000 settlement. It’s not even close to the $100,000 he expected.
“I hired a public adjustor who is working for me now, to try and get the additional monies,” Curtis said.
The family-owned business has been a staple of the Ocean County community since 1910. Now Curtis is forced to rebuild the business. He insists the delayed payment and settlement amount slowed down the recovery process.
“I couldn’t get started when I wanted to. I was waiting. I used as much money has I could and begged and borrowed and got some money to start it, but builders are looking for 30 percent up front before they start the work, and that’s traditional. So we had to wait and then you wait and then they get another job and then you wait again and you’re so far behind it’s ridiculous,” Curtis said.
Mayor Curtis applied for an SBA loan. Next he’ll apply for a community development block grant. Meantime contractors will continue to rebuild. The goal is to reopen by the middle of June.