New York legislators have introduced a bill this week that seeks to cap the percentage-based hurricane deductibles for homeowners’ insurance or dwelling fire personal lines policy in New York State at $1,500.The bill also seeks to establish that such hurricane …
With 2013 just around the corner, a number of states are preparing to implement new insurance-related laws. Insurance Journal highlights some of the changes that will take place around the country.
A consumer advocacy group has sent letters to government officials in the northeastern states, urging officials to monitor how insurers handle claims after Superstorm Sandy. The group, the Consumer Federation America (CFA), asked officials to pay close attention to how …
In the immediate days after Superstorm Sandy, officials in the Northeastern states declared that hurricane deductibles would not apply to Sandy claims. Officials from northeastern states including New York, New Jersey and Connecticut said hurricane deductibles wouldn’t be applicable in …
[Update: Maine also announced this week that hurricane deductibles would not apply for Sandy-related claims in the state. The Maine Bureau of Insurance told Insurance Journal Monday, Nov. 5, that hurricane deductibles will not apply since no hurricane warnings were …
New York Governor Andrew Cuomo announced Wednesday that New York homeowners will not have to pay potentially large hurricane deductibles on insurance claims stemming from damage caused by Sandy. New York joins other northeastern states — New Jersey, Maryland and …
Hurricane deductibles will not be applicable for Sandy-related claims in New Jersey, the state where the superstorm made landfall late Monday. New Jersey Department of Banking and Insurance Acting Commissioner Ken Kobylowski communicated to the insurance industry Tuesday night that …
The Connecticut insurance department issued a notice to the insurance industry Tuesday, alerting the industry that companies may not impose a hurricane deductible on Connecticut claims related to superstorm Sandy. “Please be advised based on information received from the National …
Connecticut Insurance Commissioner Thomas Leonardi told a legislative committee that Connecticut saw 58,002 claims for Hurricane Irene. Of those claims, 84.8 percent have been closed (88 percent for homeowners’ claims) and $161 million have been paid out to policyholders as …
State Farm Insurance says U.S. Senator Richard Blumenthal’s request that the company drop Irene-related hurricane deductibles in Connecticut would actually be unfair to policyholders and introduce all sorts of uncertainty. State Farm — the largest U.S. insurer of homes and …
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