Hurricane Sandy emergency relief moves one step forward

Hurricane Sandy Damage flood Insurance surcharge
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Hurricane Sandy relief package makes modest progress Little more than 10 weeks have passed since Hurricane Sandy visited the East Coast, leaving a path of destruction in its wake. The recovery effort is still underway as those affected by the storm try to regain some semblance of balance in their lives. Late last week, the U.S. House of Representatives finalized their approval of a $50.5 billion emergency relief plan designed to help the victims of Hurricane Sandy. The move exposed divisions throughout the Legislative branch, creating a significant amount of…

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Hurricane Sandy incites major confusion in New Jersey

Flood Insurance Hurricane Sandy Jersey Shore

Hurricane Sandy causes widespread confusion The impact of Hurricane Sandy continues to be felt despite the storm having made landfall and dissipating several months ago. A New Jersey State Assembly committee met late last week to address yet another issue that has arisen in the wake of Hurricane Sandy. Over the past few months, lawmakers and citizens alike have been working to overcome problems with insurance coverage, claims, and the damage caused by widespread flooding. Now, however, state officials must combat the growing confusion that Hurricane Sandy has generated, which…

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Homeowners insurance claims for Sandy aren’t all going smoothly

Hurricane Sandy flood insurance

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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Obama signs relief bill for hurricane Sandy but that’s just the start

US Congress Hurricane Sandy Relief Plan

Hurricane Sandy Aid – congress to vote on more funds The $9.7 billion flood relief bill for insurance claims was signed into law by Pres. Obama while House waits to vote on a larger Sandy relief deal worth up to $51 billion. Pressure from FEMA The Federal Emergency Management Agency (FEMA) had pushed for Sandy relief, stating that without addition funding they money to help will quickly run out. The White House reports that over 100,000 claims could not be paid out without more funding from Congress. John Boehner, Speaker…

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Flood insurance approval for $9.7 billion in claims from U.S. Congress

Flood Insurance

The final congressional nod was achieved when the Senate passed the bill on Friday. The new United States Senate has now passed a bill for $9.7 billion which has brought about the final approval of Congress to assist in the payment of flood insurance claims for businesses, homeowners, and renters whose properties were damaged by Superstorm Sandy when it hit at the end of October 2012. This has replenished the funds for NFIP, which were reaching urgently low levels. The National Flood Insurance Program (NFIP) was predicted to run dry…

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Hurricane Sandy relief plan approved by Senate

US Congress Hurricane Sandy Relief Plan

Senate approves emergency spending plan for victims of Hurricane Sandy Hurricane Sandy may be gone, but it certainly is not forgotten. The U.S. Senate has approved an emergency spending plan that is designed to provide aid to victims of the powerful storm. The plan has received the backing of the insurance industry, which has been steadily handling the flow of claims produced by Hurricane Sandy since the storm struck the East Coast in late October of 2012. The aid package is expected to help victims in the recovery process and…

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Insurance news from Bermuda shows an estimated $3 billion in Sandy damages

insurance news - atlantic hurricane season

These estimates include only the insured damages, based on the claims that have been received. According to official insurance news estimates regarding the cost of Superstorm Sandy to Bermuda insurers and reinsurers, the total so far is approximately $3 billion, but that amount may grow to be much larger. Seventeen insurers in the country have now released their preliminary estimates for their storm losses. At the moment, the total of these estimates for the losses related to Sandy have come to $2.987 billion in potential claims. The majority of this…

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