There's a reason Sandy was downgraded from a hurricane to a "Superstorm" when it hit land, and it just might give homeowners a much-needed break on their insurance claims.
New York Gov. Andrew Cuomo issued a warning to insurers Wednesday, telling them that homeowners will not have to pay hurricane deductibles on any Sandy-related claims because its winds never reached hurricane strength in the city.
The same goes for New Jersey, Maryland, and Connecticut, which were all hit by Sandy earlier this week.
“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,” Gov. Cuomo said.
According to Insurancejournal.com, most hurricane deductibles are about one to five percent of a home's insured value. That's as much as $15,000 on a home insured for $300,000.
Now's a crucial time for any homeowner looking to file claims on Sandy damage. With millions of people affected by the storm, insurers will no doubt be inundated with claims. And because all claims are addressed on a first-come, first-served basis, the sooner you file, the better.
It's also prime time for scammers to take advantage of vulnerable consumers in a time of need. Make sure you know the warning signs of the most common contractor scams.
To help people along, New York's Dept. of Financial Services is sending out a mobile command center to assist homeowners with the claims filing process.
Here's the number for their hotline: 800-339-1759 (8 a.m. to 8 p.m., M-F; 9 a.m. to 4 p.m. Sat - Sun). For New Yorkers looking to file an dispute against their insure, fill out the form online at www.dfs.ny.gov/consumer/fileacomplaint.htm.
Now see amazing photos of the storms' wreckage in NYC >
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