Homeowners insurance shocking coastal residents

Homeowners insurance New Jersey

Over one in three flood policyholders in New Jersey will be impacted by changes taking effect tomorrow. A huge number of residents of New Jersey, including homeowners insurance customers who are still recovering from the damage left behind from Hurricane Sandy, are going to be impacted by the massive changes to the federal flood coverage program that will be going into effect tomorrow. It is predicted that one in every three flood policyholders in New Jersey will feel these changes. Although the primary home insurance policies, themselves, won’t be directly…

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Flood insurance payouts trickle into New Jersey

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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Flood insurance friendly changes made to New Jersey city

Flood Insurance News

Sea Isle City has now been recognized by FEMA reps which have granted it a new Class 6 status. Last week, Federal Emergency Management Agency (FEMA) representatives went to Sea Isle City, which has now received a plaque from the agency to recognize the changes that they have made, as well as their new “Class 6” designation within the Community Rating System (CRS) from the National Flood Insurance Program (NFIP). The city officially received its Class 6 status in October after several initiatives were put into place. Those efforts include…

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Flood insurance claims hitting speed bumps in New Jersey

Flood Insurance

FEMA data highlights delays in flood insurance claims The Federal Emergency Management Agency (FEMA) has begun releasing information concerning the rate at which flood insurance claims produced by Hurricane Sandy are being finalized. Since Hurricane Sandy struck the East Coast U.S. in late October 2012, flood insurance claims have been a problem for victims of the storm. The natural disaster caused widespread flooding that ruined many properties throughout the northeast, with much of the damage being localized in New Jersey. Selective Insurance highlighted by FEMA data According to FEMA, Selective…

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Flood insurance sparks anger for New Jersey Governor

Governor Chris Christie Flood Insurance

Flood insurance continues to be a problem issue after Hurricane Sandy In October of 2012, Hurricane Sandy made its way to the East Coast of the U.S. and left destruction in its wake. The storm caused widespread flooding throughout many of the East Coast’s major cities, with New York and New Jersey seeing most of the damage. Though the storm caused a grievous amount of damage, it also highlighted many of the problems that exist in the U.S. flood insurance sector, most of which are embodied by the National Flood…

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