September 22, 2017 New York Today: Do I Need Flood Insurance? Hurricane Jose weakened to a tropical storm this morning, but it could still bring rain during the morning commute and whip up strong winds during the day. New York City was spared a direct hit by Jose, but the storm flooded areas from New Jersey…
September 19, 2017 Florida’s Insured Losses From Irma Reach Nearly $2B and Growing Florida policyholders so far have filed nearly $2 billion in claims to insurers for damage from Hurricane Irma, the state’s insurance regulator said on Monday. The estimate of insured losses is based on preliminary statewide data that insurers filed with the Florida Office of Insurance…
September 11, 2017 Insurers ache for qualified inspectors after US hurricanes Insurers are scrambling to find inspectors in Texas and Florida after fierce hurricanes battered the states one after the other, causing tens of billions of dollars’ worth of property damage in less than two weeks. Although insurers maintain some number of inspectors, known as claims…
September 7, 2017 ‘Hurricane Deductibles’ Shift Home-Repair Costs to Consumers Harvey and Irma could trigger requirement that homeowners pay percentage of insured value of property. Tens of thousands of homeowners hit by Hurricane Harvey may soon find out they are on the hook for extra payments under their insurance policies, and that number could rise…
September 6, 2017 UP request granted: NFIP waives strict rules for Harvey claims The National Flood Insurance Program has shown strong leadership by granting UP’s request to make it easier for households and businesses impacted by Harvey to get their insurance claims filed and paid fairly and on time. The program operates under rules set by Congress. The…
September 2, 2017 Private flood insurance may be option for homeowners in water’s way Larry Blair of San Mateo buys flood insurance only because his lender requires it, and for years he thought his only option was the National Flood Insurance Program. Then he read about private flood insurance on a Facebook page for people in his North Shoreview…
August 31, 2017 Claims Teams Begin Handling Onslaught of Harvey Claims Hurricane Harvey has set a U.S record, according to the National Weather Service, dumping 51.88 inches of rain in parts of Texas. As the tropical storm moves over southern Louisiana, claims catastrophe teams are moving in to devastated cities in Texas. AIR Worldwide reported severe…
August 30, 2017 Consider buying flood insurance Unless a bank requires you to buy it, you probably aren’t paying for flood insurance on your home. Maybe it’s because you don’t live near water. Maybe it’s because your community mapping is outdated. Maybe it’s because an insurance agent said you don’t need it. Maybe…
August 30, 2017 After the storm: How to fight your insurance company If the aftermath of past hurricanes is any indication, many Texas homeowners will have to do battle with their insurance companies when Harvey finally runs out of wind and water. “Prepare to push for a fair and full insurance settlement,” said Amy Bach, executive director…
August 28, 2017 Harvey’s Catastrophic Costs Mount; Many Lack Adequate Insurance Hurricane Harvey’s second act across southern Texas is turning into an economic catastrophe — with damages likely to stretch into tens of billions of dollars and an unusually large share of victims lacking adequate insurance, according to early estimates. Harvey’s cost could mount to $24…
August 18, 2017 Sen. Menendez, Rep. Pallone Visit Union Beach to Push Sweeping Flood Insurance Reforms to Fix Problems Exposed by Sandy U.S. Senator Bob Menendez D-N.J.), chair of the Sandy Task Force and a senior member of the Senate Banking Committee that oversees the National Flood Insurance Program NFIP), and Congressman Frank Pallone, Jr. N.J.-06), traveled today to Union Beach–a community on Raritan Bay devastated by…
August 16, 2017 NJ Flood Damage Victim Can’t Hold Its Insurance Company Liable For Failing To Disclose The Risk Of Flooding And Neglecting To Recommend Flood Insurance The New Jersey Appellate Division on Monday ruled that an insurance broker sued by a tool manufacturer whose flood policy didn’t cover all of the Superstorm Sandy damage it incurred hadn’t been required to sell the client a policy with higher limits. The three-judge panel’s…
August 16, 2017 Insurer Off Hook For Flood Claim Despite Knowing Co.’s Risk An electricity meter vendor that suffered flood damage at a New Jersey warehouse caused by Hurricane Irene can’t hold its insurance company or the broker liable for failing to disclose the risk of flooding and neglecting to recommend flood insurance, a New Jersey appellate court…
August 9, 2017 FEMA extends deadline for Superstorm Sandy flood insurance claims review The Federal Emergency Management Agency (FEMA) has extended the deadline for policyholders to respond to its offers under the Superstorm Sandy flood insurance claims review process. Lack of responses Last month, FEMA sent out a letter notifying policyholders, many of whom had been offered money…
June 22, 2017 House Committee Adds 5 More Bills to Its Flood Insurance Reform Package The House Financial Services Committee advanced five flood insurance proposals on Wednesday, adding to the two bills it passed last week. The House measures seek to reform and reauthorize the National Flood Insurance Program (NFIP), which is set to expire on September 30, for five…
June 19, 2017 Your CLUE report could save you money on auto and home owners insurance If your car is in an accident, or your house is damaged in a storm, the insurance claims you file will wind up in your CLUE report. The trouble is most people have never heard of a CLUE report, even though the data in it…
June 18, 2017 House Committee Advances 2 Flood Insurance Bills; More to Come The House Financial Services Committee on Thursday passed two bills to reform the National Flood Insurance Program (NFIP). One is a broad reform proposal that seeks to encourage more private insurance and move the program toward actuarial-based rates, while the other addresses premium credits for…
June 13, 2017 A Bipartisan Plan for Flood Insurance Six U.S. senators agree to fix the troubled federal program. Powerful floods devastate communities across America every year. After these catastrophic natural disasters, too many Americans find themselves facing a man-made calamity: a National Flood Insurance Program that overcharges and underdelivers for policyholders and for…
