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Ok...I don't get this. Why don't they have to pay their deductible? If not the policy holder, then who? Is he saying that the state is going to pick up the deductible or that the insurance company is going to have to do it?
Does anyone know if this is customary for hurricanes? I've suffered tornado damage in the past when I lived in Indiana, as did my sister, my parents and many of our neighbors - and we all had to pay our deductible any time we had damage.
Policies are personal - and the deductible is something that the holder of the policy has control over - it's their decision as to how much they want to pay for the policy as opposed to how high or low of a deductible they want to be stuck with should they have a claim.
Anyhow, I don't think this is right - unless I'm misreading it.
Quote:
Homeowners across areas of New York impacted by Hurricane Sandy will not have to pay deductibles on insurance claims stemming from damage caused by this week’s storm.
Gov. Andrew Cuomo on Thursday said in a press release that the state’s Department of Financial Services (DFS) has informed the insurance industry that hurricane deductibles should not be triggered by the storm. This will prevent coastal homeowners from having to pay deductibles in their insurance policies, Cuomo said.
“Homeowners should not have to pay hurricane deductibles for damage caused by the storm and insurers should understand the Department of Financial Services will be monitoring how claims are handled,” he said.
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Thug government at work. Wonder what premiums for that sort of insurance will be in the future after this little stunt.
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Maybe hurricane deductibles are different from storm deductibles and something different kicks in depending on what kind of damage it is called or what triggered the damage?
I know that Hurricane Sandy was downgraded to a tropical storm at some period in time - I don't know for sure if that was before or after it hit New York. Maybe that's the difference and he's saying that the insurance companies can't charge the higher hurricane deductible but must, instead, charge the lower storm damage deductible?
That's the only thing I can think of which would make any kind of sense.
Sounds like a strong arm tactic. Most people you would think, would be happy to pay a deductable if it means coverage. I wonder if he is just trying to leverage against denied claims?
Thug government at work. Wonder what premiums for that sort of insurance will be in the future after this little stunt.
Actually not a stunt. As the link shows, if it's a hurricane, deductible is 1-5% of value which could run up to $20K on a $400K house. If it's storm damage, the deductible could be $500 or $1000. The storm was just below hurricane strength when it hit NY ( though gusts were over 75 mph) so it was not classified as a hurricane. He's making sure people don't get the shaft... Had it hit with sustained winds of 76 mph, it would have been different.....
>>>With most policies, there is a deductible, usually $500 or $1,000, which a homeowner must pay before insurance covers the rest. But CNN Money, MoneyWatch, and others have recently highlighted the fact that a “hurricane deductible” provision can wind up costing a homeowner much more. In states where such deductibles are allowed—including New York, New Jersey, Connecticut, and most of the East Coast—a homeowner may be required to pay 1%, 5%, perhaps even as much as 10% (in Florida) of their property’s value before the insurer coughs up a single penny.>>>>>
Here's why. The insurance industry is state-regulated. In New York, insurance policy language on hurricane provisions -- which typically impose deductibles of between one and five percent of a home's value for damages caused by hurricanes -- must be approved by the Department of Financial Services, according to Marshall Gilinsky of Anderson Kill & Olick, who represents policyholders in disputes with insurers.
So, in a way, state insurance regulators have already decided what constitutes a hurricane, for the purposes of insurance coverage, by regulating the provisions that define hurricanes.That's not as absolute a definition as you might think, though. Gilinsky and Texas policyholder lawyer Steve Mostyn of the Mostyn Law Firm pointed out that there's often considerable uncertainty in meteorological parameters included in hurricane deduction provisions.
One critical factor, for instance, is wind speed, which is how the weather service distinguishes hurricanes from less severe storms. (Other factors are the National Weather Service's categorization of the storm and the time lapse between its landfall and the damage it caused.)
But wind speed varies depending on where, when and how it's measured. It's conceivable that homeowners affected by Sandy could point to one measurement of wind speed that wouldn't trigger the hurricane deductible and insurers could point to another wind speed measurement that would require the higher deductible.
With his pre-emptive announcement Wednesday, Gilinsky said, Cuomo sent a warning message to insurers: The state is watching you. "He's saying that the facts are such that higher hurricane deductibles are not warranted," Gilinsky said. "That's consistent with his role as a consumer advocate and regulator."
Actually not a stunt. As the link shows, if it's a hurricane, deductible is 1-5% of value which could run up to $20K on a $400K house. If it's storm damage, the deductible could be $500 or $1000. The storm was just below hurricane strength when it hit NY ( though gusts were over 75 mph) so it was not classified as a hurricane. He's making sure people don't get the shaft... Had it hit with sustained winds of 76 mph, it would have been different.....
>>>With most policies, there is a deductible, usually $500 or $1,000, which a homeowner must pay before insurance covers the rest. But CNN Money, MoneyWatch, and others have recently highlighted the fact that a “hurricane deductible” provision can wind up costing a homeowner much more. In states where such deductibles are allowed—including New York, New Jersey, Connecticut, and most of the East Coast—a homeowner may be required to pay 1%, 5%, perhaps even as much as 10% (in Florida) of their property’s value before the insurer coughs up a single penny.>>>>>
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Government Interference in Private Industry?
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