Two North Carolina officials are petitioning the state’s insurance industry to return to areas impacted by Hurricane Irene in the hopes of resolving claims before winter comes in full force. Insurance Commissioner Wayne Goodwin, along with Bob Etheridge, an advisor for Governor Beverly Perdue during August’s hurricane, have written a formal appeal to FEMA to have insurers return to the state and assists with additional claims. The insurers being asked to return to the state are part of the National Flood Insurance Program, which provides insurance coverage for many households…
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Connecticut regulators make changes to the guidelines for hurricane deductibles for the sake of consumers
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…
Read MoreSeventeen 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…
Read MoreFlooding costs from Hurricane Irene to be covered in part by taxpayer dollars
As Hurricane Irene bowled through the east coast, it left behind a path of destruction caused by its high winds and rains, with initial estimates for the damage ranging from $2 to $7 billion. That said, much of the bill for rebuilding will be covered by taxpayer dollars. The reason for this additional cost to taxpayers is that the majority of home and business owners in the Northeast don’t have coverage for flooding caused by hurricanes, and the federal insurance program is already facing a debt worth billions of dollars.…
Read MoreNew York insurance chief holds insurers accountable for flood damage throughout the state
New York’s insurance chief has issued a warning concerning insurance companies and Hurricane Irene. According to Benjamin Lawsky, Superintendent of Financial Services, some insurers are trying to avoid paying for damages caused by flooding spurred by the storm. Lawksy’s warning is not targeted at consumers but at the companies that are offering flood insurance. He says that no company should consider denying payments because the damage to homes and businesses are so clearly the result of flooding. Some insurance companies are seeking to enforce what they call “hurricane damage” deductibles.…
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