Statistics show that Hurricane Sandy insurance claims are met with far more resistance from most insurance companies than it was previously expected.
According to estimates, most of those who have homeowners or flood insurance policies are forced to settle for far less than they should receive, many of them having received less than 60% (in some cases less than 35%) of the amount they were due for covering the cost of damages caused by the hurricane.
Insurance Companies’ Response to Hurricane Sandy Insurance Claims
While the number of claims in the New York and New Jersey areas has grown considerably in recent months, very few of those who have negotiated with their insurance companies without the help of a legal advisor were able to get the compensation they were due.
Many insurers rely on the fact that their clients are not properly informed when they sign the insurance papers. One couple that owned a policy for $175,000 for their house and $50,000 for the contents received less than $10,000 from their insurance provider based on the fact that they had only wind insurance and the house was mainly damaged by floods.
Public adjusters urge policyholders to take great care when signing any type of contract with an insurance company, since many companies are able to subtly withhold information from -or even misinform their clients for the sake of profit.
Better Options on the Horizon
While many of those who had lost their homes due to the devastation caused by Hurricane Sandy have lost their hope, public adjuster firms state that there are still opportunities for those who act fast.
A reputable company with more than 5-10 years of experience can help, for example, homeowners insurance policyholders who have suffered as a result of floods by meeting with insurance companies, reviewing the damage and representing the homeowners in court if necessary in order to settle their claims.
Many companies have urged those with Hurricane Sandy insurance claims to contact them in order to find out exactly how much money their insurance provider owes them and prepare a proper case on their behalf.
