Article: New York Institutes New Homeowners Insurance Rules
Updated: Jun 15
According to a recent article published in Insurance News Report, many people are still dealing with the claims aftermath of Hurricane Sandy. The claims process has been so bad that lawmakers in New York have instituted new rules to help speed up the claims process.
The issue stems from the fact that insurance companies and adjusters could extend the claims investigation process by 90 days, which has led to the delayed processing of several claims. Under the new regulations, insurance companies will have 15 days to determine whether or not to issue payouts, and for complicated claims, they can petition a 30-day extension.
This is good news for restoration contractors as it will also speed up the recovery process. Many contractors have been unable to work on contracted jobs because of the delays associated with these claims investigations. With the new regulations, many restoration jobs will be approved and completed much faster.