New Jersey officials continue to wrestle with problems concerning flood insurance
Despite the best efforts of lawmakers, New Jersey residents continue to experience difficulties with their insurance coverage in the wake of Hurricane Sandy. Though Sandy struck the state in late October 2012, the storm’s effects continue to be felt to this day. The storm caused modest wind damage, but most of the destruction associated with Hurricane Sandy comes from the widespread flooding it caused. As such, many consumers have been experiencing problems with their flood insurance coverage, with claims either being denied outright or claims payments being delayed for several months after the disaster.
Meetings to be held with consumers throughout the state
In an ongoing effort to support victims of Hurricane Sandy, the New Jersey Department of Banking and Insurance will begin meeting with consumers to help them with their insurance concerns. State officials are expected to address the issues that consumers have regarding flood insurance, providing some clarity on this type of coverage. Many consumers have expressed confusion over their health insurance policies, especially those with properties that could be considered below sea level. State insurance regulators will be on hand to help disperse some of this confusion and help provide better insight to those that receive coverage through the National Flood Insurance Program.
Regulators will be able to address specific concerns consumers have
Consumers will be able to provide copies of their flood insurance policies to state regulators, who will be able to provide support based on the needs of individuals, rather than attempting to address the issues that a large number of consumers are experiencing all at the same time. The Department of Banking and Insurance conducted these types of meetings on a small scale in the wake of Hurricane Sandy, as well as earlier this month. Such meetings have been well received by consumers due to the specialized support they have been receiving.
FEMA can help address major problems with flood insurance coverage
Those with serious problems concerning their flood insurance coverage are being encouraged to connect directly with the Federal Emergency Management Agency, which oversees the National Flood Insurance Program. The federal agency holds authority over the flood insurance claims that are handled through the government program and can help address issues with the program more effectively than New Jersey officials.
