Superstorm Sandy insurance settlements through FEMA get closer

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The Federal Emergency Management Agency is going to begin direct negotiations with homeowners. Homeowners who were victims of the catastrophe that came with Superstorm Sandy will be negotiating directly with the Federal Emergency Management Agency (FEMA) in order to be able to move ahead toward the resolution of disputes with regards to the compensation settlements. A written agreement has now been created by FEMA that establishes structures that it can apply to lawsuits. There are about 2,200 lawsuits that are still awaiting settlement with regards to the compensation that homeowners…

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Senators target National Flood Insurance Program

Flood homeowners Insurance Program

Flood insurance generates more controversy in the US Two Senators from New Jersey have taken issue with the National Flood Insurance Program. The program is typically the only place for homeowners to find flood protection in the United States, but the program has been beleaguered by financial problems for years. These financial issues hit a height in the wake of 2011’s Hurricane Sandy, which caused an estimated $68 billion in damage in several states along the eastern coast of the country. Senators believes that federal insurance program may be avoiding…

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FEMA to seek settlements in flood insurance cases

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FEMA is working to settle several lawsuits regarding flood protection and Hurricane Sandy The Federal Emergency Management Agency (FEMA) is currently working to settle lawsuits that have been issued by victims of Hurricane Sandy. The federal agency manages the National Flood Insurance Program, which came under fire in the wake of Hurricane Sandy. Many of those affected by the disaster saw their insurance claims rejected over technicalities and potentially falsified engineering reports. There have also been complaints that claims were underpaid. These issues have prevented many people from recovering following…

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States begin taking action on flood insurance

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National Flood Insurance Program is now $20 billion in debt The U.S. National Flood Insurance Program is $20 billion in debt and the provisions of a law that would seek to resolve this issue have been delayed for four years due to concerns regarding its financial impact on consumers. While premiums for the flood insurance coverage offered by the program have been increasing, these increases have not been enough to make the program financially stable. Because this represents a serious risk for homeowners, some states are beginning to take matters…

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Flood insurance controversy continues to brew in New York

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Attorney General launches criminal probe into potential wrongdoings by flood insurance providers The New York Attorney General’s Office has launched an official criminal probe into accusations coming from victims of Hurricane Sandy concerning how their insurance claims were handles. Many homeowners in New York that were affected by Hurricane Sandy have had their insurance claims regarding flood damage denied by their insurance providers and have suggested that these claims were denied due to falsified engineering reports. As a result of rejected homeowners insurance claims, many consumers have suffered significant financial…

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