Tag: sandy flood insurance

Flood insurance payments still not received by many in Long Island

H. Cutner
flood Insurance payments time

Many homeowners have yet to obtain anything from coverage settlements after Superstorm Sandy. Thousands of people in Long Island are still waiting for the funds that they need to rebuild, as their final flood insurance settlements have yet to be made, leaving them to have to pay contractors out of their own pockets in order to complete the half finished jobs that were started after Sandy hit over three months ago. These homeowners are facing financial struggles and are becoming highly frustrated with the lack of payment. A large number…

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Flood insurance program bailout in front of Congress soon

Flood Insurance and reinsurance

As the claims from Sandy continue pouring in, the troubled federal program is about to face important decisions. The National Flood Insurance Program, the only federal coverage against flooding in the United States, will face an estimated additional $6 to $12 billion in claims as a result of Hurricane Sandy, said the Federal Emergency Management Agency (FEMA). The program can only borrow $2.9 billion more, after racking up an $18 billion debt from Katrina in 2005. Flood insurance news reports from the deputy associate administrator for federal insurance at FEMA,…

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Flood insurance downfalls revealed following superstorms on the east coast

Julie Campbell
Flood Insurance Hurricane Sandy Jersey Shore

The damage, destruction, and devastation from Sandy revealed many flaws in the national program. The catastrophe and chaos that has been left behind on the Jersey Shore and other areas on the east coast is now being called a direct reflection of some of the many failings of the current flood insurance program and is drawing attention to issues that may be on the rise in the near and long term future due to climate change. The storm surge from the most recent superstorm came inland as far as half…

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Flood insurance records show Sandy is third largest

Julie Campbell
Inusrance Industry Hurricane Sandy

The Superstorm off the Atlantic is predicted to be less expensive than only Hurricanes Katrina and Ike. The damage caused by Superstorm Sandy is now predicted to be the third most expensive faced by the National Flood Insurance Program in the United States, and will have the largest amount of cost outside of the Gulf Coast region of the country. The states that were hardest hit include New York and New Jersey. According to Bloomberg Government’s BGOV Barometer, those two states are covered for nearly $100 million in flood insurance,…

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