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If a resident of a coastal community in New Jersey is having trouble-buying homeowners' insurance, they may be able to obtain a policy through the Windstorm Market Assistance Program (WMAP). The WMAP is organized by the Department of Banking and Insurance in conjunction with the property/casualty insurance industry to ensure that eligible coastal homeowners are able to get appropriate coverage through voluntary market outlets. The WMAP began accepting insurance applications January 1, 1997. WMAP consists of two components -- the Informal Referral Program (IRP) and the Formal Assistance Program (FAP). The IRP is a listing of insurance companies who are actively writing insurance in the coastal areas of the state. The list provides the name of the insurance company, any underwriting restrictions related to distance from the shore, elevation or membership requirements, and information on how consumers can contact the company. The list can be obtained from the WMAP Plan Administrator, the New Jersey Insurance Underwriting Association, at 973-622-3838 or from the Department at 609-292-5316. Consumers in the 92 designated zip codes in Ocean, Cape May, Monmouth and Atlantic counties can utilize the FAP components of the WMAP if their policy has been canceled or nonrenewed, if their property is newly acquired or if they are currently insured by the FAIR Plan. The FAP is an actual application process in which consumers who are unsuccessful in obtaining coverage in the voluntary market complete a WMAP application and are considered by participating insurers. FAP insurers make exceptions to their underwriting guidelines when considering such applications. If, however, at least three participating FAP insurers consider, but do not write your policy, you can obtain insurance through the FAIR Plan. The FAP application process takes from 20 to 25 days to process.
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