FEMA may push for more disclosure from flood insurance providers
The Federal Emergency Management Agency (FEMA) will be examining whether or not it has the ability to force insurance companies to disclose information regarding the potential manipulation of flood insurance claims related to 2012’s Hurricane Sandy. The powerful storm battered the eastern United States, causing some $68 billion in damage, making it the second costliest hurricane in the country’s history. In the wake of the storm, many insurers have come under fire because of delayed claims payments and rejecting claims.
US senators push for more transparency in insurance reports
U.S. senators have come together in order to demand more transparency concerning flood insurance claims. FEMA has been tasked with investigating the issue, as the agency manages the National Flood Insurance Program. This program is, typically, the only place that people can purchase flood protection, and the insurance companies offering this protection have been dealing with harsh criticism for the past two years because of how they have handled claims.
_________________________Random Quotes to Remember ~ “The best investment is in the tools of one’s own trade.” – Benjamin Franklin
Federal court finds that insurance provider has been engaged in reprehensible gamesmanship with damage reports associated with Hurricane Sandy
Last month a federal judge in New York ruled that an insurance company working with FEMA on flood protection had been engaged in “reprehensible gamesmanship” regarding its work with disaster victims. The judge suspected that such practices may be more prevalent in the flood insurance sector than previously thought. During last month’s case, it was revealed that homeowners in New York had their claims denied because of altered damage reports. These reports noted that damages caused to a property were the result of house settling, rather than a natural disaster.
FEMA may review 270 appeals claims from New York and New Jersey
FEMA is being encouraged to review 270 appeals claims from New Jersey and New York, which the agency had initially ignored because these appeals were note filed before a deadline. Some of these claims may have been inappropriately rejected by insurance companies employing dubious tactics. Whether or not these claims will be approved is unclear at this time.