Tag: hurricane sandy insurance

Lenders ease their grip on claims funds for Hurricane Sandy relief

Marc
Hurricane Sandy Damage flood Insurance surcharge

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…

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Insurance news from New York Governor makes steps to accelerate Sandy claims

H. Cutner
New York Governor Andrew Cuomo Insurance News

Gov. Andrew Cuomo has met with the state’s leading insurers to make important changes. As New York continues to battle with the aftermath of superstorm Sandy, the state is making insurance news by hacking its way through bureaucratic red tape in order to help the 360,000 victims of the storm to receive faster payments. A new online system is also being created in order to help gauge the performance of insurers. This insurance news is notable because the online system will allow insurers to be graded based on their response…

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Insurance news from Canada shows $100 million in claims from Sandy

Julie Campbell
Toronto Ontario Canada Auto Insurance News

After the superstorm pummeled through the United States, it smashed into Canadian provinces. According to the most recent insurance news estimates from Canada, after leaving the United States, superstorm Sandy led to insured property damage that will total approximately $100 million. These statistics were issued from the Insurance Bureau of Canada (IBC) based on claims received. The IBC has based this data on the claims that are being made in the Canadian provinces of Ontario and Quebec. The estimate is still considered to be preliminary, but it has now been…

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Insurance Information Institute sees premiums rise in wake of Hurricane Sandy

homeowners insurance cost rising

Insurance Information Institute notes homeowners insurance rates are on the rise and have been for some time Hurricane Sandy is expected to have a significant impact on homeowners insurance premiums in the Northeast U.S., according to the Insurance Information Institute. The trade association suggests that major storms like Sandy often have an impact on insurance rates, but Sandy is not the only factor that is going into the growing premiums of homeowners insurance coverage. The Insurance Information Institute suggests that premiums have been growing since mid-2011 and that Hurricane Sandy…

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Hurricane Sandy sparks aggressive support from New York officials

Marc
Homeowners flood Insurance

New York officials mobilize to help victims in wake of Hurricane Sandy Homeowners in New York are still reeling in the wake of Hurricane Sandy, which struck the state and its neighbors in late October. The storm proved to overcome expectations of its strengths and caused havoc throughout the state, generating widespread floods and claiming 131 lives in the U.S. Insurers are still evaluating the damage caused by the storm, but estimates concerning Hurricane Sandy’s impact suggest that the storm caused some $50 billion in damages. Staten Island residents find…

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Senator Schumer takes aim at insurers in wake of Hurricane Sandy

S.Vagus
Senator Schumer hurricane sandy

Senator Schumer troubled over actions of insurance companies Hurricane Sandy has caused a lot of trouble for insurance companies, consumers, and state governments in the Eastern U.S. New York, in particular, has seen a great deal of these troubles manifest in the wake of the powerful storm. With storm surges causing widespread flooding and damages being done to homes and other properties, the state is reeling from the impact of Hurricane Sandy. Senator Charles Schumer believes that the troubles are just beginning for the state, however, especially as insurers look…

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Auto insurance costs are rising, but Americans are happier with their coverage

Questionable tow and glass claims run rampant

J.D. Power and Associates have found that despite the price, satisfaction is high. The results of a new J.D. Power and Associates study have been released, showing that while Americans are paying more for their auto insurance policies, their satisfaction levels with the companies that are covering them have risen. This is good news for an industry that will be facing tremendous claims from Hurricane Sandy. These results were from the 2012 U.S. Auto Claims Satisfaction Study conducted by J.D. Power and Associates. It has indicated that while out of…

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