Flood insurance companies sued by almost 1,000 Sandy victims in New Jersey

Hurricane Sandy Damage flood Insurance surcharge

Lawsuits have been filed by hundreds of homeowners in the state since late last year. According to a recent report based on data from the U.S. District Court Clerk’s Office, close to 1,000 victims of Hurricane Sandy have filed lawsuits against their flood insurance companies since late in 2013. The same report claims that the number of lawsuits will likely double within the next 12 months. The data showed that in New Jersey, there had been 974 flood insurance lawsuits filed, by the time the report was released. That said,…

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Homeowners insurance woes for Sandy victims grow following blizzard

homeowners insurance blizzard snow

Some victims of the superstorm are left with more coverage headaches after being hit with heavy snow. Residents of the Northeast braced themselves for another massive storm at the end of last week as the blizzard being called “Nemo” thrashed its way through the states, dumping massive amounts of snow everywhere from New York City to Maine, only worsening the struggle of homeowners insurance customers who have not yet fully recovered from the damage left behind by Sandy. Now, the claims are coming in again as the region digs out…

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Flood insurance payments still not received by many in Long Island

flood Insurance payments time

Many homeowners have yet to obtain anything from coverage settlements after Superstorm Sandy. Thousands of people in Long Island are still waiting for the funds that they need to rebuild, as their final flood insurance settlements have yet to be made, leaving them to have to pay contractors out of their own pockets in order to complete the half finished jobs that were started after Sandy hit over three months ago. These homeowners are facing financial struggles and are becoming highly frustrated with the lack of payment. A large number…

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Homeowners insurance rate increases blamed on climate change

Climate Change homeowners insurance industry

The CEO of Travelers has said that severe weather patterns are the reason prices are rising. According to Jay Fishman, the CEO and chairman for The Travelers Cos. – one of the largest insurance companies in the country – has stated that the reason that the premiums for homeowners insurance have been steadily rising over the last three years has to do with the more extreme weather patterns that are the result of climate change. Insurers have come to accept that the weather is different now than it had once…

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Microinsurance draws attention in wake of Hurricane Sandy

Haiti microinsurance

Microinsurance proves to be a benefit in Haiti The U.S. was not the only country to suffer from the onslaught of Hurricane Sandy in 2012. The powerful storm also tore its way through Haiti, leaving a path of destruction in its wake. Many people lost their homes and livelihood in the wake of the disaster, but it also brought a relatively unknown type of insurance program into the limelight as well. Hurricane Sandy brought attention to the Microinsurance Catastrophe Risk Organization (MiCRO), which has been a major boon for some…

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Homeowners insurance will skyrocket for New Jersey residents who don’t build higher

Flood homeowners Insurance Rates raising homes

Sandy victims are required to rebuild their homes higher than they were before or their costs will soar. Last Thursday, new federal flood maps were issued that will provide the guidelines for rebuilding that will occur in New Jersey following the damage that Sandy left behind and the implications that choices will have on homeowners insurance. They have made it clear that many people will need to build higher in order to avoid paying more. The new regulations will mean that residents of flood zones will need to choose to…

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Aon report focuses on impact of US natural disasters

Natural Disaster damage insurance trends

US disasters deal costly blow to global insurance industry, according to Aon Aon Benfield, a leading reinsurance and catastrophe modeling firm, has released its latest Annual Global Climate and Catastrophe Report. The report highlights the impact that natural disasters have had throughout the world and how these disasters have hit the global insurance industry and economy. According to the report, two of the world’s costliest natural disasters occurred in the U.S. While these disasters were largely confined to the borders of the country, Aon notes that their influence has sent…

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