Flood insurance payouts headed to some Sandy victims

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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…

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Flooding from Hurricane Patricia in Texas could bring billions in claims

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The strongest storm of its nature ever to hit the Western Hemisphere is also bringing flooding back to the state. Even though the storm didn’t cause the type of catastrophe that may have been expected from Hurricane Patricia, the worst storm of that nature that has ever been seen by the Western Hemisphere, this doesn’t mean that it won’t be leaving devastation in its trail now that it has been downgraded to a tropical depression. The largest cities in Mexico may have been spared but Texas could see billions of…

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Agents see surge in interest regarding flood insurance

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Consumers are becoming more interested in flood protection Agents are making note of a surge in flood insurance sales as homeowners seek protection from disastrous events. Recent storms have caused floods in several parts of the country, and many people affected by these disasters have learned that their homeowners insurance policies do not offer the protection they need. Most typical homeowners policies do not offer flood protection, which can only be found through the National Flood Insurance Program, managed by the Federal Emergency Management Agency. Homeowners may be too slow…

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Regulators finalize new flood insurance rule

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Finalized rule places new requirements on banks Federal regulators have finalized a rule that will affect flood insurance policyholders. The rule requires banks to hold flood insurance premiums, associated fees, and loans on property located in flood zones in escrow. This rule will go into effect next years and banks will hold payments in escrow on “residential improved” properties as well as mobile homes. The finalized rule has been clarified to make it easier to understand. One of the clarifications involves the definition of detached structures that are excepted from…

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Insurance claims for Texas storm damage could be in the billions

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The industry has predicted that when the spring flooding eases, there will be massive devastation left behind. The spring storms that have been relentlessly tormenting Texas will soon be sending their costs over to insurers as policyholders begin to make their insurance claims for the flooding and other types of damage that have been left behind. The damage estimates have shown that there will be billions of dollars in insured damages. Those estimates include only the types of expense that will likely be covered by insurance claims. The total damage…

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Flood insurance rates to skyrocket in the US

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Homeowners will be paying more for their flood protection this year Millions of homeowners in the United States could see their flood insurance rates skyrocket this year due to provisions of a relatively new legislation that have gone into effect this month. The legislation was meant to address the financial issues of the National Flood Insurance Program, which has been crippled by massive debt for some time. This year, the legislation allows flood insurance rates to increase in order to help the program recover from its financial problems. New provisions…

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Insurance news still being made by Superstorm Sandy with criminal probe

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An investigation has now been launched by New York Attorney General Eric Schneiderman. New York Attorney General Eric Schneiderman is now making insurance news by opening a criminal probe into widespread accusations that have been made by the victims of Hurricane Sandy, who have said that their claims for flood damage have been rejected by their insurers as a result of engineering reports that were falsified. Three lawsuits have been filed by homeowners insurance customers in federal court, against the insurers. This insurance news involves at least three lawsuits in…

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