homeowners insurance News

N.J. Poll: Rules Needed for Rebuilding After Superstorm

A new poll finds most New Jersey voters surveyed believe the state should impose specific rules on property owners who are rebuilding after Superstorm Sandy.The Fairleigh Dickinson-PublicMind poll from March 19 found that 64 percent of respondents believe property owners …

Penn. Regulators Urge Consumers to Consider Buying Flood Insurance

The Pennsylvania Insurance Department is encouraging homeowners to consider buying flood insurance to help protect against potential spring floods. Winter ice and snow increases the chance of spring flooding, Pennsylvania regulators warned. Further, Pennsylvania is one of the most flood-prone …

N.Y. Regulators Identify 10 Banks With Worst Sandy Aid Statistics

New York Gov. Andrew Cuomo and the state’s Department of Financial Services announced the “bottom 10” banks with the worst statistics for paying out insurance claims to Superstorm Sandy victims. Officials said they have notified these banks to speed up …

N.Y. Proposes Establishing Private Right of Action for Insureds Suffering Disaster Losses

A New York legislator proposed a new bill that would establish a private right of action for the insured for unfair insurance settlement practices when the claim relates to loss or injury in regions where the governor has declared a …

N.J. Commissioner Commends Banks for Accelerating Payments of Insurance Proceeds

New Jersey’s top insurance regulator this week commended the actions of New Jersey community banks, national banks and servicers — including Wells Fargo Bank, JPMorgan Chase, Bank of America, and CitiMortgage. The regulator said these financial institutions continue to pursue …

Sandy-Damaged Homes Hit Market at Bargain Prices

It sounds like the premise for a new reality TV series: “Hurricane House” — people scouring waterside communities looking to buy homes damaged by Superstorm Sandy at a deep discount. While there are bargains out there, ranging from 10 percent …

N.Y. Gov. Cuomo Announces Review of Banks for Post-Sandy Mortgage Practices

New York Gov. Andrew Cuomo announced that the state’s financial regulators will review post-Sandy mortgage practices by banks and mortgage servicers. The review is intended to examine whether homeowners who were impacted by Superstorm Sandy and were allowed more time …

Will Wind/Hail Cosmetic Damage Exclusion Endorsements Become the Norm?

Cosmetic damage from wind and hail to homeowner and commercial properties may no longer be covered if insurers opt to use new endorsements, one for homeowners and another for commercial roofs, that are becoming available. The two organizations that standardize …

Superstorm Sandy Battered the Poor Hardest, Studies Show

Superstorm Sandy punished low-income people in New York and New Jersey, especially renters who are now at risk of being unable to find new homes, according to a pair of studies released on Wednesday said. Forty-three percent of the 518,000 …

Connecticut Homeowners Face Stark Choices After Sandy

Jackie Beagon loved her life along the Connecticut coast, where she and her husband walked to the beach and church and bicycled around the neighborhood. But Superstorm Sandy ripped it all apart, and the couple was forced to sell their …