Senate approves emergency spending plan for victims of Hurricane Sandy
Hurricane Sandy may be gone, but it certainly is not forgotten. The U.S. Senate has approved an emergency spending plan that is designed to provide aid to victims of the powerful storm. The plan has received the backing of the insurance industry, which has been steadily handling the flow of claims produced by Hurricane Sandy since the storm struck the East Coast in late October of 2012. The aid package is expected to help victims in the recovery process and is likely to be well received by those still waiting for their claims to be process by their insurance companies.
Storm spreads havoc through widespread floods
The emergency spending plan allocates $60.4 billion to victims of Hurricane Sandy. The storm is being blamed for more than 120 deaths and an extensive amount of flooding across many East Coast states. The flooding alone either severely damaged or completely destroyed some 72,000 homes and businesses in New Jersey alone, with 305,000 housing units in New York suffering the same fate. The storm has put a significant amount of financial stress on victims, many of whom do not have flood insurance coverage.
Many homeowners cannot find flood insurance coverage from their insurer
Many of the companies that provide homeowners insurance along the East Coast do not offer flood insurance policies. This is due to the volatile nature of storms and the high risks associated with disasters that can cause floods. Because the industry typically avoids flood insurance, homeowners must receive coverage through the National Flood Insurance Program, which itself is faced with a myriad financial problems that threaten to delay the payment of claims.
House has yet to take action on Hurricane Sandy relief plan
Though the Hurricane Sandy emergency aid package has been approved by the Senate, the House has yet to take on the issue. The House has yet to acknowledge the plan and the package does not appear on the legislative schedule as of yet. Some lawmakers have expressed concern over the amount of money that is to be allocated for the aid package.