Some policyholders are struggling while officials remind claimants to be “smart” when they file. New York state officials are recommending that homeowners insurance policyholders be “smart” about the way that they file their claims related to damage from Sandy and are also stating that they should know that they are not required to accept the first offer that is made by their insurers. There are many disagreements between claimants and insurers about issues such as flooding. Many homeowners insurance customers are finding themselves battling out the details of their claims…
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Lenders ease their grip on claims funds for Hurricane Sandy relief
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…
Read MoreHurricane Sandy beats Katrina in claims
Hurricane Sandy generating more claims than Hurricane Katrina Hurricane Sandy may be little more than a bad memory for some, but the insurance industry is still reeling from the impact of the storm. The storm struck eastern states very hard, generating massive storm surges that caused widespread floods in New York and its neighboring states. Hurricane Sandy generated thousands upon thousands of flood insurance claims. The National Flood Insurance Program is reporting that it has received more claims than it had seen from 2005’s Hurricane Katrina. Sandy shows more in…
Read MoreNational Flood Insurance Program may not withstand assault from Hurricane Sandy
National Flood Insurance Program braces for massive impact from claims Hurricane Sandy has brought many issues to light in the U.S., especially those concerning climate change and the country’s energy grid. Amidst the turmoil the storm has caused, federal officials have begun evaluating ways to improve the country’s defenses against natural disasters. At its peak, Hurricane Sandy was a Category 2 storm, but dwindles to a Category 1 and tropical storm status by the time it reached the northeastern states. Despite the storm’s weakening presence, it still managed to produce…
Read MoreHurricane Sandy victims suffer long wait for insurance adjusters
Hurricane Sandy brings significant delays to claims processing Hurricane Sandy may be gone, but its impact is expected to be felt well into the future. Homeowners affected by the powerful storm have been struggling with their insurance providers. Insurance adjusters were deployed ahead of the storm to help manage claims and make sure everything was processed in a quick and efficient manner. Unfortunately, Hurricane Sandy has proven to be more problematic than insurers had previously expected. Insurance adjusters are now telling victims that it could take more than two weeks…
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