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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Important Insurance information for those w/ damage from Sandy
Homeowners across areas of New York impacted by Hurricane Sandy will not have to pay deductibles on insurance claims stemming from damage caused by this week’s storm.
Gov. Andrew Cuomo on Thursday said in a press release that the state’s Department of Financial Services (DFS) has informed the insurance industry that hurricane deductibles should not be triggered by the storm. This will prevent coastal homeowners from having to pay deductibles in their insurance policies, Cuomo said.
“Homeowners should not have to pay hurricane deductibles for damage caused by the storm and insurers should understand the Department of Financial Services will be monitoring how claims are handled,” he said.
According to the Governor, many homeowners’ insurance policies for homes located in downstate areas contain hurricane deductibles based on a percentage of a property’s insured value. These deductibles typically range from one percent of a home’s insured value to five percent. For example, with a five percent deductible on a home insured for $300,000, the homeowner would have to pay for the first $15,000 of damage.
“We will be working with insurers to help them respond as quickly as possible to homeowners who need to file claims,” said Benjamin M. Lawsky, superintendent of Financial Services. “We will be sending our mobile command center to hard hit areas to help consumers with insurance questions and problems.”
DFS officials suggest that homeowners who experienced property losses to file insurance claims with their insurers promptly after losses occur and include policy numbers and all information relevant to the loss. To best document losses, officials said homeowners should take photos or videos showing the extent of the losses before cleaning up damage.
Officials also said homeowners should make only necessary repairs to prevent further damage to property, like covering broken windows. Permanent repairs should not be made until after insurers have inspected losses. Damaged personal property should be kept until after an insurance settlement has been reached.
In addition, homeowners should cooperate fully with their insurer and keep a diary of all conversations with the insurance agent, including the agent’s name, as well as the times and dates of all calls or visits.
DFS officials noted that flood damage is only covered by flood insurance, which is a federal program administered by the Federal Emergency Management Agency. Homeowners who have flood insurance and have flood damage should make claims through that insurance.
DFS has activated a Disaster Hotline to answer consumer questions and help with problems. The Disaster Hotline number is 800-339-1759. It is staffed Monday – Friday from 8 a.m. to 8 p.m. and Saturday and Sunday from 9 a.m. to 4 p.m.
Homeowners unable to resolve disputes with insurers can file complaints at http://www.dfs.ny.gov/consumer/fileacomplaint.htm.
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Posted 11/1/12 11:33 AM  |
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OrganicMama
So in love with my little man!
Member since 6/08 5172 total posts
Name:
Mama
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Re: Important Insurance information for those w/ damage from Sandy
Does this include FEMA deductibles?
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| Posted 11/1/12 11:51 AM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: Important Insurance information for those w/ damage from Sandy
Posted by OrganicMama
Does this include FEMA deductibles?
I'm not sure.
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| Posted 11/1/12 12:06 PM |
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JoesWife628
Our family is complete :)
Member since 8/08 3934 total posts
Name:
Me
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Important Insurance information for those w/ damage from Sandy
This sounds too good to be true. We lost a bunch or roof shingles and siding but I'm hesitant to put in a claim based on the deductible. Hmmm
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| Posted 11/1/12 12:30 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Important Insurance information for those w/ damage from Sandy
How this reads to me seems like you won't be charged higher hurricane deductibles but would still be responsible for deductible of for ex $1,000
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| Posted 11/1/12 12:33 PM |
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JoesWife628
Our family is complete :)
Member since 8/08 3934 total posts
Name:
Me
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Re: Important Insurance information for those w/ damage from Sandy
Posted by JandJ1224
How this reads to me seems like you won't be charged higher hurricane deductibles but would still be responsible for deductible of for ex $1,000
that's how I read it,too.
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| Posted 11/1/12 12:44 PM |
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Xelindrya
Mommy's little YouTube Star!
Member since 8/05 14470 total posts
Name:
Veronica
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Re: Important Insurance information for those w/ damage from Sandy
Posted by JandJ1224
How this reads to me seems like you won't be charged higher hurricane deductibles but would still be responsible for deductible of for ex $1,000
Yes this is how I read it too.
Most policies have a Wind/Hail/Hurricane Deductible based on a % then there's an 'all other cause of loss' deductible which is generally a set number.
Now one COULD argue that hey this isn't an all other loss. This is an hurricane loss and if they are picking up the tab for THAT deductible I have no other deducitble that applies.
Hence I'm a broker.  We argue FOR our clients as much as we can.
But it will depend on the policy wording, as always.
As a kind reminder... We all saw how folks were treating LIPA, remember that most claims adjusters live near you and around you and are suffering the same losses. Plus they are dealing with hundreds of people calling in.
I was in claims during 9/11 and I went to work with a shot shoulder, bum knee and brusies to help our clients. But we were working remote as our building was obviously gone and you'd be surprised how people were just ignorant of the fact that claims people are people too. I remember this guy yelling at me that he was losing money because he couldnt make deliveries below 14th street. Ironic since no one was THERE to get the delivery and what he was deliverying (soda) wouldnt exactly be selling out anytime soon. To the guy screaming at me to get his file. (yeah buddy its toast) kept saying it was irresponsible of us to lose his file. 
Message edited 11/1/2012 12:49:54 PM.
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| Posted 11/1/12 12:48 PM |
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