Hurricane Sandy struck just over a year ago, devastating large swaths of the East Coast as it traveled along the shoreline. To date, the super storm caused an estimated $68 billion in damages, making it the second most costly weather event in United States history. Still, hundreds of residents and businesses in New Jersey are in the process of settling their storm claims with their insurance companies.
Currently, the New Jersey Department of Banking and Insurance is offering a free insurance claim mediation program that strives to help settle the remaining open claims. As of October, Commissioner Ken Kobylowski announced that 69 percent of the claims that have used mediation have now reached some form of settlement.
So far 414 Hurricane Sandy insurance claims have been mediated by the program, with settlements totaling $2.7 million. Since its inception, 286 cases have been fully or partially settled. Settlements have been as large as $325,000. The program helps mediate homeowners’ insurance claims, commercial property claims, and car insurance claims. The insurance company covers the cost of the mediator.
Why is it so important that these claims are settled quickly? It is not just important that property owners receive money to repair what has been damaged. Insurance claims must be settled before property owners can seek federal grants.
New Jersey was the state hardest hit by Sandy. More than half of the insurance claims in mediation involve property damage in Ocean County and Monmouth County.
Do you have an outstanding Hurricane Sandy insurance claim? The hurricane claim attorneys at the Voss Law Firm may be able to help. Call today: 888-614-7730.