Tuesday, October 1, 2013

RECENT ISSUES RE: SUPERSTORM SANDY

For those counseling clients, be aware of these developments:

1. New York will use part of its share of billions of dollars in federal Superstorm Sandy aid to “fully compensate” storm victims who had flood insurance claims denied because of a hard-to-understand rule barring payments for damage caused by earth movement during a flood, New York Gov. Andrew Cuomo announced Saturday. Details have not yet been released.

2. The STOP FEMA NOW protest - The Biggert-Waters Flood Insurance Reform Act of 2012 stipulates that if homeowners don't raise their houses, they face much higher flood insurance premiums - to $20,000 plus.

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