Article: New York Institutes New Homeowners Insurance Rules
According to a recent article published on Insurance News Report, many people are still dealing with the claims aftermath from Hurricane Sandy. In fact, 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 were able to extend the claims investigation process by 90 days, which has led to the delayed processing of a number of the 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 speed up the recovery process as well. 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.