The victims of the superstorm will still have a wait, as the checks have been delayed for release. Almost $208 million in homeowners insurance claims payments have now been approved, in the form of approximately 6,600 checks, but they have yet to be released in order to assist those policyholders who are waiting According to Governor Andrew Cuomo, the checks are at the banks, but they haven’t been sent out. Cuomo explained that his administration is currently working with the banks in order to help to make sure that the…Read More
Tag: hurricane coverage
Homeowners insurance impact of hurricanes like Sandy
The importance of coverage in these storms is clear, but many wonder how they affect premiums. Aside from emergency supplies and a safe place to stay throughout a hurricane, homeowners insurance is one of the most important things that a family can have to protect them against the potential devastation of a storm. But what is not as clearly understood, is if weather like Sandy will drive premiums skyward. Some estimates have said that the damage that hurricane Sandy could cause throughout its time after making landfall could reach as…Read More
Hurricane insurance misunderstandings may damage family storm readiness
As the severe weather season continues, homeowner misconceptions are reducing preparedness. Experts are saying that as the Caribbean heats up for the season, there are still many people who aren’t adequately informed about hurricane insurance, to the point that proper preparation for the storms is being derailed. They have released recommendations for preparedness that don’t just stop at food and water. That said, some of the top recommendations for being ready for the severe weather includes storing a week’s worth of food and water for every person in your home.…Read More
The long debated coverage question…wind or water?
With hurricane season about to start in the U.S., many states that stand in the way of potential storms are looking for ways to improve their respective insurance industries. In Mississippi, legislators are considering a newly introduced bill that will help settle wind-versus-water insurance disputes. In the past, homes that have been destroyed by hurricanes have been the subject of dispute as to whether the majority of the damage was caused by wind or water. The bill hopes to remedy this issue by establishing a process through which insurers will…Read More