Hurricane Sandy claims payouts to be freed due to agreement with Department of Financial Services
Eleven of New York’s major lending companies have reached an agreement with the state’s Department of Financial Services. The agreement involved expediting the claims payouts that are due to homeowners that have been affected by Hurricane Sandy. Many of these homeowners are waiting on their claims payouts in order to begin the recovery process, but insurance companies have been issuing payouts at a sluggish pace for some time. The state government is keen to increase the speed at which these payouts are reaching consumers in an effort to make the recovery process smoother.
Funds held in various protective measure lenders had taken
Many lenders have agreed to remove some of the protections that have established in an attempt to protect their own collateral in heavily damaged properties. By waiving these protections, a significant amount of money should be freed, which can make its way directly to consumers within the next two weeks. The Department of Financial Services has also announced that lenders will release insurance funds that are intended to make certain properties habitable again. These funds will also help cover the living expenses of those that have been displaced by Hurricane Sandy.
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Hurricane Sandy continues to be a plight for homeowners
Hurricane Sandy struck the East Coast in late November, but the effects of the storm continue to linger to this day. The storm caused widespread flooding, which caused significant damage to properties throughout New York, as well as in neighboring states. The storm has left several thousand homeowners displaced, with many more struggling to recover from the damage that has been done to their properties. Recovery has been slow in the wake of Hurricane Sandy due to the numerous hurdles that consumers have faced in getting their claims process and receiving payouts from their insurance companies.
Recovery may gain momentum due to agreement
New York officials have been working to provide as much aid to consumers as possible in the wake of Hurricane Sandy. Governor Andrew Cuomo has made strides in cutting much of the red tape that has kept insurance companies from issuing payments on claims. With the new agreement with many of the state’s largest lending companies, the recovery process is expected to pick up some significant momentum.