Homeowners insurance could follow the Healthcare model, says Lawsky

Benjamin Lawsky - homeowners insurance

The New York Department of Financial Services superintendent feels that it would simplify the process. According to the financial regulator in New York state, homeowners insurance needs to become more standardized because its current form is confusing customers regarding what protection they have through their policies. According to Benjamin Lawsky, very few property owners actually fully understand the coverage they have. Lawsky, the Department of Financial Services superintendent in New York, explained that by boosting uniformity, it would help consumers to be able to compare home insurance companies and products.…

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Homeowners insurance providers fleeing New York markets

New York power outage from Hurricane Sandy- Homeowners Insurance fraud Coverage

Hurricane Sandy continues to have an impact on homeowners insurance Homeowners insurance in the U.S. has been in a tumultuous state since the impact of 2012’s Hurricane Sandy. More than six months after the storm struck the East Coast, the homeowners insurance sector continues to reel from the damage that had been caused by the catastrophe. In recent months, the states affected by the storm have garnered relatively little attention, but New York officials are beginning to voice their concerns regarding the recent actions of some insurance providers. New York…

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Force placed insurance settlement reached between QBE and New York

Forced Placed Insurance

Regulators in the state have announced that they have come to an agreement with the insurer. State regulators from New York have announced that they have come to a settlement with QBE Insurance Group regarding the issue of forced placed insurance purchased on behalf of homeowners. As a part of the settlement, the insurer has agreed to pay a penalty of $10 million. This penalty is meant to help to make restitution to the homeowners who faced hardships as a result of the force placed insurance that was purchased on…

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Force placed insurance settlement achieved in New York

forced placed insurance homeowners

The state has reached a decision to help to prevent future questionable practices in the industry. New York has faced a number of financial industry questionable practices in recent years and, among them, has been the issues with force placed insurance, where homeowners have found that they were paying far more than they would if they had found the coverage on their own. The coverage is purchased by mortgage lenders on behalf of homeowners that have let their policies lapse. The primary struggle that was faced in the force placed…

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New York regulators take strong action on homeowners insurance claims

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

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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Hurricane Sandy sparks aggressive support from New York officials

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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