Price Law Group Articles $200 Million in Sandy Insurance Claims Still Being Held Up by Banks

$200 Million in Sandy Insurance Claims Still Being Held Up by Banks

By Price Law Group  Mar. 5, 2013 11:25a

Some New York residents hit hard by hurricane Sandy last October are still waiting to receive insurance payments that they desperately need. The reason for the hold up? According to Governor Andrew Cuomo, the delay is due to banking red tape. About $208 million in insurance claims checks are expected to still be paid to those who lost their home or have extensive repairs after the devastating hurricane. Cuomo stated that the money is not reaching the home owners quickly enough because the checks from the insurance companies are sent to the banks which must then endorse them. This is where the latest hold up lies and those in need of those funds are furious. The governor is calling for the banks to speed up the process so people can finally start literally and figuratively rebuilding their lives after dealing with months of waiting. Are you having trouble obtaining your insurance money? An attorney skilled in insurance settlement matters may be able to help.

State officials have sent letters to the banks involved which include Bank of America, Citibank, JP Morgan Chase and Wells Fargo. The long expected money would not only help home owners rebuild but the rebuilding itself will help the entire state in the form of construction jobs and materials purchases. It is estimated that Hurricane Sandy caused $42 billion in damage throughout the state and the fact that so many victims are still struggling despite having valid insurance claims is completely unacceptable. In some cases, home owners are begging their mortgage banks to either release the insurance funds or at least give them a loan so they can pay contractors. Governor Cuomo released a written statement saying, "Families need to be able to return to their homes and the state economy, which took a hit from Superstorm Sandy, needs the boost from spending on repairs. After insurance companies have sent homeowners checks to pay for repairs, the money should not be sitting with the bank because of red tape."

Need help with an insurance settlement issue?

If you are not being fairly treated during any step of the insurance claims and settlement process then you should speak with a lawyer competent in this area. Our team at the Price Law Group includes bankruptcy attorneys who are highly knowledgeable in handling insurance claims and carefully guide our clients through every step of the process. We don't rest until our client's insurance money is in their hands! Contact our firm today to find out what we may be able to do to speed up your claim or ensure it is accepted!

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