Flood insurance rate increases anger homeowners

Customers in New York are incensed as they prepare for much higher premiums for coverage. Many homeowners in the New York region are now facing a number of different events that are all having a considerable impact on the rates that are being paid for flood insurance coverage, sending premiums skyward. Though many had believed that it could all be blamed on the damage left behind by Hurricane Sandy, this is not the case. The cost of Hurricane (Superstorm) Sandy is certainly playing a role in the amount that is…

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Mayor Bloomberg looks for alternative to flood insurance

Flood Insurance and reinsurance

Flood insurance may not be adequate safety net for New Yorkers New York is no stranger to hurricanes and flooding disasters, but the recent onslaught of Hurricane Sandy has sparked new action when it comes to the matter of flood insurance and protection for state residents. Hurricane Sandy dealt a terrible toll to the state, causing a significant amount of damage from strong winds and, primarily, flooding. Many homeowners throughout the state that were affected by the storm found that their properties were not protected from flood damage due to…

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Flood insurance leaves many in Staten Island unimpressed

Flood Insurance payments

Floodwaters are leaving homeowners battling with insurers to try to receive damage payments. Many people in Staten Island said that they knew that their homeowners policies weren’t enough to cover them against the damage that could come from floodwaters, but those who went ahead and purchased flood insurance are finding themselves frustrated as they must still battle to recover their losses. Many homeowners in the region are finding that the payments they are receiving are falling far short of the expense. In one instance of an Adams Avenue homeowner –…

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