Flood insurance payouts headed to some Sandy victims

Homeowners flood Insurance hurricane sandy damage

People who showed that they were not adequately compensate after the super-storm are receiving some validation.

Following the flood insurance claims from Superstorm Sandy, thousands of homeowners complained that they were not receiving adequate compensation from the federal coverage program, but that is about to change.

The National Flood Insurance Program (NFIP) will be issuing payments to many of those property owners.

It is now three years after the storm slammed its way across the eastern seaboard and the flood insurance review that was launched in the spring by the Federal Emergency Management Agency (FEMA) has now found that many of the policyholder with NFIP should have received more money than they did. Those funds were meant to cover the costs of the repairs to the homes of the policyholders whose properties were damaged by flooding and intense winds.

Though the investigation is a long way from being finished, many will still benefit from long overdue flood insurance payments.

Homeowners flood Insurance hurricane sandy damageAccording to FEMA, its examinations have revealed that among the 17,000 policyholders that took part in the review, about 60 percent were still entitled to a larger amount of money to cover the claims for their home repairs. The average amount of additional money that was owed to the policyholders was about $15,000.

Reviewers have been discovering that the insurance adjusters who were sent to examine the condition of the homes had made a range of different types of error. Among the most common was that they did not add sales tax to the claims, which meant that homeowners were being forced to cover a much larger portion of the expense out of their own pocket, when their policies should have been helping them out.

Though this flood insurance investigation by FEMA is not yet complete, this news is certain to be welcome by the thousands of homeowners who have been waiting on the payments that they have known were due to them for three years and running. At the time of the writing of this article, it had not yet been announced how or when the payments would begin to be issued to those consumers.

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