Live Insurance News

Flood insurance controversy continues to brew in New York

January 30, 2015January 28, 2015 S.Vagus

Attorney General launches criminal probe into potential wrongdoings by flood insurance providers The New York Attorney General’s Office has launched an official criminal probe into accusations coming from victims of Hurricane Sandy concerning how their insurance claims were handles. Many homeowners in New York that were affected by Hurricane Sandy have had their insurance claims regarding flood damage denied by their insurance providers and have suggested that these claims were denied due to falsified engineering reports. As a result of rejected homeowners insurance claims, many consumers have suffered significant financial…

Insurance news still being made by Superstorm Sandy with criminal probe

January 26, 2015January 24, 2015 G. Turner

An investigation has now been launched by New York Attorney General Eric Schneiderman. New York Attorney General Eric Schneiderman is now making insurance news by opening a criminal probe into widespread accusations that have been made by the victims of Hurricane Sandy, who have said that their claims for flood damage have been rejected by their insurers as a result of engineering reports that were falsified. Three lawsuits have been filed by homeowners insurance customers in federal court, against the insurers. This insurance news involves at least three lawsuits in…

Judge orders insurance companies to submit records from Superstorm Sandy

January 1, 2015December 30, 2014 Julie Campbell

The purpose is to help to determine whether or not damage reports had been edited by engineering contractors. An order has now been issued by U.S. Magistrate Judge Gary Brown to insurance companies that requires them to submit massive quantities of additional records related to the damage investigated following Superstorm Sandy, which could help to find out whether or not engineering contractors had edited the reports that they had made in order to inaccurately reduce the payouts that were issued to hundreds – or possibly thousands – of victims of…

Criminal investigation launched in New York aims to bring clarity to flood insurance issues

December 24, 2014December 22, 2014 Marc

Criminal investigation will seek to uncover the issues associated with Hurricane Sandy The New York Attorney General’s Office has launched an official criminal investigation into allegations regarding government contractors and their work relating to 2012’s Hurricane Sandy. The powerful hurricane hit the state quite hard, causing millions of dollars worth of damage. The federal National Flood Insurance Program has been struggling to accommodate the cost associated with the disaster, facing allegations of rejecting claims unjustly and working with third party organizations that have mishandled insurance policies. Growing number of homeowners…

Flood insurance generates more controversy in the US

December 8, 2014December 6, 2014 S.Vagus

FEMA may push for more disclosure from flood insurance providers The Federal Emergency Management Agency (FEMA) will be examining whether or not it has the ability to force insurance companies to disclose information regarding the potential manipulation of flood insurance claims related to 2012’s Hurricane Sandy. The powerful storm battered the eastern United States, causing some $68 billion in damage, making it the second costliest hurricane in the country’s history. In the wake of the storm, many insurers have come under fire because of delayed claims payments and rejecting claims.…

Flood insurance woes continues to plague New Jersey

October 2, 2014September 30, 2014 Logan B.

New Jersey homeowners continue to fight for recovery two years after Hurricane Sandy Nearly two years after Hurricane Sandy struck the eastern U.S., the storm is still causing problems for homeowners. The hurricane first formed on October 22 and made landfall in the U.S. shortly thereafter. The storm caused an estimated $68 billion in damage, and many homeowners are still recovering from the disaster and ongoing struggles with flood insurance are compounding the issue. A joint insurance fund, which is paid for by 400 small towns throughout New Jersey, has…

Flood Insurance is a Problem in the U.S.

September 13, 2014September 12, 2014 Note From The Editor

Flood insurance remains a problematic issue that relatively few people are paying attention to in the United States. For homeowners, this type of insurance coverage comes from the federal government, issued through the National Flood Insurance Program (NFIP). This program is managed by the Federal Emergency Management Agency. NFIP is typically the only place to find flood protection, but the program is suffering from crippling debt and management issues that make it less than ideal for those wanting to be protected from natural disasters. An estimated 20% of homeowners throughout…