Tag: hurricane sandy

Flood insurance in need of modernization in the US

Dan
Flood Insurance Report

Report highlights the need to modernize flood insurance The U.S. National Flood Insurance Program is archaic, according to a new report from the National Research Council of the National Academy of Sciences. The report suggests that the flood insurance program is in dire need of modernization and could benefit from better risk management practices in the future. Researchers indicate that how the program manages risks associated with properties behind flood levees is one example of how outdated the program actually is. NFIP risk management seen as outdated In improving its…

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Flood insurance payouts trickle into New Jersey

Logan B.
flood insurance rates

FEMA reports more flood insurance payout came to New Jersey over past week The Federal Emergency Management Agency (FEMA) has announced that more than $200 million in flood insurance payments have been issued to New Jersey over the past week. The payments were disbursed through the National Flood Insurance Program, through which most U.S. homeowners receive their flood insurance coverage. The recent payments bring Hurricane Sandy’s insurance payout total to $2.7 billion. Federal officials note that more payments are on the way as claims continue to be processed through the…

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Homeowners insurance may spike in New Jersey

Logan B.
New Jersey Homeonwers Insurance Rates

New FEMA flood maps may have a drastic impact on homeowners insurance rates The U.S. Federal Emergency Management Agency (FEMA) is revising its flood maps for 2013, and this may have a drastic impact on homeowners insurance, especially in the East Coast, where many homeowners are still struggling to recover from the impact of Hurricane Sandy. In New Jersey, Governor Chris Christie, who has levied harsh criticism against FEMA for its handling of Hurricane Sandy, is now warning state residents that they could see their homeowners insurance rates spike in…

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New York regulators take strong action on homeowners insurance claims

Logan B.
Homeowners Insurance

Homeowners insurance claims targeted by state regulators Regulators in New York are pressing hard against the insurance industry in the wake of Hurricane Sandy. The storm caused havoc throughout the state, leaving many properties damaged by widespread floods and strong winds. In the months that followed, victims of Hurricane Sandy struggled with their homeowners insurance providers in order to get their claims processed and receive the money they need to recover. Insurers, however, have been sluggish in handling these claims, leading state regulators to take more action for the sake…

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New York institutes new homeowners insurance rules in wake of Hurricane Sandy

Logan B.
New York Homeowners Insurance Rules

New homeowners insurance rules take effect in New York Hurricane Sandy may be a distant memory for some, but many people along the East Coast continue to struggle with the damage the powerful storm caused in late October 2012. Nearly four months after the storm struck, homeowners in several states are still waiting for their claims to be processed by their insurance provider. Many of these claims concern flood insurance, while others are in the realm of homeowners insurance. In New York, lawmakers have instituted new rules that are expected…

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