Live Insurance News

Flood insurance claim filing period extended for Hurricane Sandy victims

May 6, 2014May 6, 2014 Logan B.

Hurricane Sandy Flood Insurance New York Storm

Homeowners now have more time to file claims through the National Flood Insurance Program Homeowners with properties that have been damaged by floods caused by 2012’s Hurricane Sandy now have more time to submit claims. The Federal Emergency Management Agency has announced that it has extended the claims filing period for victims of Hurricane Sandy by six months. The initial deadline had been set at April 29 this year, but the problems associated with the natural disaster have proven difficult to manage in a timely manner. NFIP continues to struggle…

New Jersey lawmakers take action on post-Sandy homeowners insurance

May 9, 2013May 25, 2013 S.Vagus

Homeowners insurance landscape changes post-disaster Last year’s Hurricane Sandy dealt a powerful blow to the Eastern U.S. The powerful storm caused significant damage to homes and other properties in several states. In New Jersey, floods causing the most damage, putting heavy strain on the Federal Flood Insurance Program, which accounts for the majority of flood insurance protections in the country. The disaster brought several problems within the insurance sector to light, causing New Jersey lawmakers to take action on the issue of homeowners insurance in order to avoid future turbulence.…

Flood insurance revisions may be more lax for New Jersey

April 2, 2013April 1, 2013 Logan B.

New Jersey facing down flood insurance changes coming from FEMA Earlier this month, the Federal Emergency Management Agency announced revisions to its flood maps that could have severe implications for many properties in New Jersey. The revisions were spurred by the impact of Hurricane Sandy, which caused widespread flooding in New Jersey, particularly in areas that had not been prone to floods in previous years. The flood maps are meant to assess the risks of certain properties and are often used to dictate the price of flood insurance coverage. FEMA’s…

Workshops help New Jersey residents cut through red tape of flood insurance

March 29, 2013March 28, 2013 Logan B.

Flood insurance bureaucracy delays recovery for many New Jersey residents that fell victim to last year’s Hurricane Sandy have been struggling to overcome the seemingly insurmountable challenges that continue to delay their recovery process. In the wake of the powerful storm, which hit New Jersey in late October, 2012, many homeowners found that their properties had been destroyed. In some cases, consumers were able to rely on their homeowners insurance and flood insurance policies in order to cover the costs of the damage done by Hurricane Sandy. Many others, however,…

Flood insurance payouts trickle into New Jersey

March 19, 2013March 18, 2013 Logan B.

FEMA reports more flood insurance payout came to New Jersey over past week The Federal Emergency Management Agency (FEMA) has announced that more than $200 million in flood insurance payments have been issued to New Jersey over the past week. The payments were disbursed through the National Flood Insurance Program, through which most U.S. homeowners receive their flood insurance coverage. The recent payments bring Hurricane Sandy’s insurance payout total to $2.7 billion. Federal officials note that more payments are on the way as claims continue to be processed through the…

Homeowners insurance may spike in New Jersey

March 18, 2013March 17, 2013 Logan B.

New FEMA flood maps may have a drastic impact on homeowners insurance rates The U.S. Federal Emergency Management Agency (FEMA) is revising its flood maps for 2013, and this may have a drastic impact on homeowners insurance, especially in the East Coast, where many homeowners are still struggling to recover from the impact of Hurricane Sandy. In New Jersey, Governor Chris Christie, who has levied harsh criticism against FEMA for its handling of Hurricane Sandy, is now warning state residents that they could see their homeowners insurance rates spike in…

Flood insurance program takes a scolding from New Jersey governor

March 1, 2013April 30, 2013

He stated that claims to the federal program were being paid far too slowly to NJ residents. Governor Chris Christie has spoken out against the federal flood insurance program’s handling of the claims made by New Jersey residents following the Superstorm Sandy’s devastation of many of its areas at the end of October 2012. He said that the claims that were made to the federal program were not being paid in a reasonable time. Though the governor had previously criticized the rate at which the flood insurance payments were being…