The Hurricane Sandy Rebuilding Task Force has concluded its research of issues surrounding post-hurricane insurance claims. It has submitted a list of recommendations to the federal government that it hopes will prevent similar problems following future hurricanes and natural disasters. The task force, which was led by the U.S. Department of Housing and Urban Development, had the following recommendations:
- Examining how the insurance claim process can be improved for policyholders with mortgages.
- Making the reimbursement process more consistent, perhaps through a unified process developed by a group of lenders.
- Helping homeowners make quick emergency fixes that allow them to stay in their homes.
- Making housing more resilient to severe weather and flooding.
- Improving wireless communication.
- Creating a more flexible electric grid.
- Protecting the fuel supply and food chain.
- Educating insurance policyholders about what is and is not covered by their home insurance policies.
- Educating businesses about what is and is not covered by their commercial insurance policies.
- Educating all property owners about flood insurance.
One of the main recommendations that the task force outlined was making the Hurricane Sandy insurance claim process easier for homeowners and businesses that have mortgages. The research revealed that those with mortgages suffered a number of delays, frustrations, and complications when insurance claim checks were jointly made out to the homeowner and the mortgage company. Specifically, four months after the storm, 44 percent of insurance claim checks—totaling $41 million—was in the hands of banks instead of homeowners. In some cases banks would withhold money until repairs were made.
If you are facing obstacles and delays receiving payment from your homeowners’ insurance company, contact the Voss Law Firm today at 888-614-7730.