The recent events surrounding Augusts’ Hurricane Irene has prompted insurance regulators in Connecticut to take a bold stance in determining how insurers should respond to future hurricanes. The state’s Department of Insurance has begun revising a number of guidelines governing the insurance industry’ sometimes suspect hurricane deductibles. Regulators began reviewing changes to the system shortly after the storm, but only now have they reached a consensus on how far to take them. The Department of Insurance is looking to change the guidelines to make them more consumer friendly. Hurricane deductibles…
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Seventeen Connecticut homeowners insurers waive Irene damage hurricane deductibles
According to the Malloy administration, almost 70 percent of the homeowners insurance companies in Connecticut have announced that they will be forgiving the more expensive deductibles for damage claims relating to Tropical Storm Irene. According to a statement made by Governor Dannel P. Malloy and Insurance Commissioner Thomas Leonardi, “Failure to do this would result in many homeowners paying tens of thousands of dollars out-of-pocket.” Even though Irene had been downgraded to a tropical storm by the time it reached the state, the clause for hurricane deductibles became effective for…
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