Live Insurance News

Flood insurance concerns to get more attention in New Jersey

February 27, 2013April 30, 2013

New Jersey officials continue to wrestle with problems concerning flood insurance Despite the best efforts of lawmakers, New Jersey residents continue to experience difficulties with their insurance coverage in the wake of Hurricane Sandy. Though Sandy struck the state in late October 2012, the storm’s effects continue to be felt to this day. The storm caused modest wind damage, but most of the destruction associated with Hurricane Sandy comes from the widespread flooding it caused. As such, many consumers have been experiencing problems with their flood insurance coverage, with claims…

Flood insurance claims hitting speed bumps in New Jersey

February 20, 2013February 19, 2013 S.Vagus

FEMA data highlights delays in flood insurance claims The Federal Emergency Management Agency (FEMA) has begun releasing information concerning the rate at which flood insurance claims produced by Hurricane Sandy are being finalized. Since Hurricane Sandy struck the East Coast U.S. in late October 2012, flood insurance claims have been a problem for victims of the storm. The natural disaster caused widespread flooding that ruined many properties throughout the northeast, with much of the damage being localized in New Jersey. Selective Insurance highlighted by FEMA data According to FEMA, Selective…

Flood insurance sparks anger for New Jersey Governor

February 11, 2013February 9, 2013 Dan

Flood insurance continues to be a problem issue after Hurricane Sandy In October of 2012, Hurricane Sandy made its way to the East Coast of the U.S. and left destruction in its wake. The storm caused widespread flooding throughout many of the East Coast’s major cities, with New York and New Jersey seeing most of the damage. Though the storm caused a grievous amount of damage, it also highlighted many of the problems that exist in the U.S. flood insurance sector, most of which are embodied by the National Flood…

Flood insurance woes delay recovery in Long Island

February 7, 2013February 6, 2013 Dan

Long Island homeowners have yet to receive payouts from their flood insurance policies Thousands of residents in Long Island, New York, are still waiting on their insurance payouts in the aftermath of Hurricane Sandy. The powerful storm struck the island more than three months ago, but many of its homeowners are still struggling to recover from the damage caused by the devastating storm. Most of these homeowners have been in contact with their insurance providers, but insurers have continued to delay claims payments or outright denying claims due to technicalities.…

Flood insurance could soon be mandatory for 35,000 property owners in New York

February 5, 2013February 4, 2013 Dan

FEMA introduces revised flood maps that could expand flood insurance requirements The Federal Emergency Management Agency (FEMA) has introduced new flood maps for the East Coast U.S. this week that could force many property owners and businesses to purchase flood insurance coverage. The federal agency has been working to revise flood maps over the past two years, addressing some of the emerging threats that have been brought to light by powerful storms, such as Hurricane Sandy. These storms have caused widespread flooding in many parts of the East Coast and…

Homeowners Insurance: Deductibles Debunked

January 21, 2013April 13, 2014 Guest Author

When it comes to purchasing homeowners insurance, choosing the right deductible for your home may be a tricky decision. There are many different types of deductibles and it is easy to get confused by the amount of options available to you. If you are stressing out over picking the right deductible for you, then this article will explain the different terms you may come across when making this vital decision. Percentage Deductible Quite often, a property’s deductible is calculated not by its dollar value, but by a percentage value. The…

Flood insurance to be mandatory for thousands of Connecticut residents

December 27, 2012December 27, 2012 Dan

Connecticut homeowners face new flood insurance requirements Thousands of Connecticut residents are expected to feel the weight of mandatory flood insurance coverage in the coming months. The Federal Emergency Management Agency (FEMA) is currently drafting new flood maps for the entire U.S. coastline. This is part of an ongoing effort to understand and mitigate the risks associated with rising sea levels. New flood maps change the risks some properties face in regards to floods. According to FEMA, homes in high risk areas are required to be covered by flood insurance…