Insurance news from Superstorm Sandy continues a year later

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Many homeowners are still waiting and fighting with FEMA to be able to receive payouts.

Though a year has now passed since Superstorm Sandy started making insurance news headlines, there are 88,750 people among the 155,287 who have filed a claim with an insurer or FEMA, who have been deemed unqualified for payments.

There are hundreds of homes that were demolished during the storm that remain off-limits.

Today, the insurance news has transformed from the initial devastation that occurred as a result of the storm, into the ongoing battle that homeowners have been facing with insurers and representatives from the government who are meant to help them. According to the Storm Response Unit director from the N.Y. Legal Assistance Group, Ann Dibble, “There are many, many people who are still suffering.”

hurricane sandy flood insurance newsThe insurance news hasn’t been good for everyone who was in the path of Sandy.

In an insurance news statement, Dibble explained that “We are seeing a lot of homeowners who are struggling to get insurance payments, whether it’s homeowners or flood. We’re still helping people with FEMA appeals, believe it or not, a year later.” She said that there are a number of clients who are now suffering from what is known as “process fatigue”. This occurs when a policyholder is exhausted and daunted by the thought of documenting their situation, yet again, to continue in a very lengthy filing process.

More than half of all of the renters and homeowners who applied for assistance from FEMA received a rejection. This, according to a recent insurance news statement that was released, in which the figures from FEMA were confirmed by its officials. The failure rate was recorded at 57 percent.

By last week, there were still yellow tags on 1,013 properties. These tags were issued by the buildings department for structures that are considered to be currently inhabitable but that are still in need of repair. At the same time, the insurance news showed that 433 continue to have a red tag, which says that they are off limits to their owners because they are considered to be structurally unsafe.

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