Driver Protection or Loss of Choice? NY SUM Debate Awaits Approval
Driver Protection or Loss of Choice? NY SUM Debate Awaits Approval

When the New York Legislature passed amendment S. 7787/ A. 10784 in June, there were both cheers and jeers. It’s now the center of a debate between those who believe it’s protection for drivers and others who think it’s a loss of choice for consumers.…
Superstorm spotlights home insurance
Superstorm spotlights home insurance

People whose homes were damaged by superstorm Sandy will soon find out whether or not they have enough and the right kind of insurance to rebuild. In other recent disasters, one-half to two-thirds of homeowners discovered after the fact that they were underinsured, often by…
Governor Cuomo Announces Homeowners Will Not Have To Pay Hurricane Deductibles
Governor Cuomo Announces Homeowners Will Not Have To Pay Hurricane Deductibles

Department of Financial Services Working Closely with Insurers to Speed Response to Homeowners Who Experienced Losses New Yorkers Can Call DFS Disaster Hotline for Help Governor Andrew M. Cuomo today announced that New York homeowners will not have to pay potentially large hurricane deductibles on…
A 12-step plan for your Sandy insurance claim
A 12-step plan for your Sandy insurance claim

Some consumers will be shocked to learn that superstorm Sandy devastated not only cities, coastal areas and transit systems — but their pocketbooks, too. “A lot of people are going to have a rude wake-up call after this storm and realize that flood damage isn’t…
The overlooked benefits of renters insurance
The overlooked benefits of renters insurance

The storm damage is still be tallied up from Sandy, but lot of New York residents will have to cover their losses themselves. That’s because most households in New York city rent — nearly 70 percent — and renter’s insurance isn’t a very popular product.…
Can mortgage lenders hold your insurance money hostage?
Can mortgage lenders hold your insurance money hostage?

If your home has been seriously damaged or destroyed, your insurance company will release a check made out to both you and your mortgage lender to pay for the necessary repairs. “Lenders have a substantial investment in the property, sometimes more than the homeowner, especially…
Consumer Reports Rates Home Insurers
Consumer Reports Rates Home Insurers

Homeowners buy insurance to protect against disaster. But when disaster strikes, your insurer might not live up to your expectations, especially if you have a large claim, according to our survey of 11,250 subscribers who filed claims in the past few years. The greater the…
Enough’ Insurance is Often Not Enough
Enough’ Insurance is Often Not Enough

In the past few weeks, the most destructive wildfire in Colorado history claimed two lives, burned nearly 30 square miles and totally destroyed more than 350 homes. Like almost all homeowners everywhere in the United States, nearly everyone who lost their house to this massive…
RentSafe: Is it a safe choice for renter’s insurance?
RentSafe: Is it a safe choice for renter’s insurance?

About half of American renters don’t have insurance. Some of them probably don’t realize that it’s fairly cheap to buy coverage that’ll protect them if their place catches fire, their stuff gets stolen or even if the dog bites a neighbor. “Renter’s insurance is very…
New York Insurance Department acts to protect consumers against unfair practices related to Retained Asset Accounts (Life Insurance policy features)
New York Insurance Department acts to protect consumers against unfair practices related to Retained Asset Accounts (Life Insurance policy features)

CUOMO ADMINISTRATION MOVES TO PROTECT INSURANCE BENEFITS OF NEW YORK SOLDIERS, VETERANS, AND THEIR FAMILIES Superintendent Lawsky Announces Life Insurers Should Pay Full Benefits Owed To Survivors And Not Hold Funds In Their Own Accounts Unless Soldiers And Their Families Expressly Choose That OptionBenjamin M.…
New York Probes Home Insurers
New York Probes Home Insurers

New York’s Department of Financial Services has been probing banks and insurance companies for allegedly obtaining excessive fees on homeowners’ policies that they force borrowers to pay for when their insurance lapses, said people familiar with the matter.Superintendent Benjamin M. Lawsky in the fall of…
Sharp Disagreement At NAIC Session On Readability Of Consumer Information
Sharp Disagreement At NAIC Session On Readability Of Consumer Information

Industry representatives sharply disagreed with two law professors who argued personal lines policies should be posted online where they would be readily available to consumers who wanted to look at them prior to signing onto them. Spokesmen for the American Insurance Association and the National…
Settling an Insurance Claim: When to Hire a Professional
Settling an Insurance Claim: When to Hire a Professional

A few days ago I wrote about how to challenge the first offer your insurance company makes in respect to a claim you have filed. In that column, I stressed the importance of carefully reviewing the adjusters report and using the documentation you gathered to…
Where can Irene & Lee flood victims find assistance?
Where can Irene & Lee flood victims find assistance?

Listen to the Radio Broadcast Ben Lawsky, Superintendent of the Department of Financial Services joins us. Homeowners affected by recent floods are eligible for free legal consultation through the New York State Bar Association. Volunteer attorneys are available to answer questions about insurance, property disputes,…
Vanishing Act: Your Home Insurance Coverage is Disappearing
Vanishing Act: Your Home Insurance Coverage is Disappearing

There’s a disturbing nationwide trend of insurance companies chipping away at coverage for homeowners, says Amy Bach, executive director of the nonprofit United Policyholders consumer group. She says she’s disturbed by what she sees as policies becoming less adequate. “We have been working on a…
5 lies home insurance agents tell
5 lies home insurance agents tell

Sometimes insurance agents tell you what they think you want to hear in order to sell a home insurance policy and secure a commission. When misfortunes occur, homeowners who count on insurance to carry them through tough times sometimes get an unpleasant surprise: They don’t…
Nine tips for buying auto insurance online
Nine tips for buying auto insurance online

Just as more consumers are gravitating toward shopping sites like Amazon.com and Zappos.com, more auto insurance consumers are shopping online than ever before. According to a 2011 study by J.D. Power and Associates, 54 percent of auto insurance shoppers are getting quotes online. That’s up…
Got Insurance? Enough? You Sure?
Got Insurance? Enough? You Sure?

Many U.S. homeowners haven’t insured their homes against earthquakes and other disasters, but the devastating losses in the wake of the recent earthquake and tsunami in Japan may cause people to give their insurance policies another look. As well they should. Earthquakes have occurred in…