Governors Promote Lower Deductibles for Homeowners after Sandy Storm

Governors Promote Lower Deductibles for Homeowners after Sandy StormThousands of homeowners who have suffered damages from the storm and the wind this week will be receiving financial aid from rulings by several governors that insurers should treat Sandy not as a hurricane but as a tropical storm.

Governor of New York, Andrew Mark 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.”

Also the governor of Connecticut, Dannel Malloy, and the governor of New Jersey, Chris Christie is in favor promoting lower deductibles for homeowners in their states.

It has been reported that the the storm could cost insurance companies $7 billion to $15 billion in losses, including totaled cars, wind and storm damage to homes and businesses. The estimate, released Tuesday, exceeded an earlier estimate from Eqecat of $5 billion to $10 billion of insured losses.

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