SHEEPSHEAD BAY'S ONLY INDEPENDENT NEWS BLOG

Photo by Erica Sherman

State Senator Marty Golden has scheduled two visits of the New York State Department of Financial Services’ Insurance Response Unit to aid victims in his district who were affected by Superstorm Sandy.

• Today, March 18 from 10:00 a.m. to 6:00 p.m., the NYS Department of Financial Services Mobile Command Center will be in Sheepshead Bay, on the corner of Sheepshead Bay Road and Emmons Avenue.
• Tomorrow, March 19 from 10:00 a.m. to 6:00 p.m., the Mobile Command Center will be outside the Gerritsen Beach Public Library, 2808 Gerritsen Avenue.

Staff will be available to assist homeowners and business owners with the following:

• City, state and federal relief programs and how to get help
• Questions about the insurance claims process in New York
• Seeking resolution on your claims with your insurer or bank
• Filing an official complaint against an insurer or bank

Anyone who can’t visit the Mobile Command Center in person can file complaints through the New York State Disaster Relief website, www.nyinsure.ny.gov or by calling the Disaster Relief Hotline, (800) 339-1759, Monday to Friday, 8:00 a.m. to 8:00 p.m., and Saturday and Sunday, 10:00 a.m. to 5:00 pm.

Source: Wikimedia Commons via Wikipedia

Congressmen Michael Grimm and Gregory Meeks were joined by colleagues Charles Rangel, Jerrold Nadler and Eliot Engle to introduce the Flood Victim Premium Relief Act 2013 (H.R. 960), a bill which aims to delay flood insurance hikes for Superstorm Sandy victims, according to a report by SI Live.

In a release issued by Congressman Grimm, the bill extends “the premium increase timeline for primary residences in areas that have been declared a federal disaster area after July 6, 2012 from 5 years to 8 years.”

Grimm expressed the importance this bill will play in helping homeowners make it through these tough times.

“If we allow flood premiums to increase on their current schedule, based on the new maps, homeowners are going to be in an impossible position of trying to both pay their mortgage as well as increased flood premiums that may rise over $10,000 in some cases. This situation will almost certainly lead to a surge in defaults and foreclosures and cost the taxpayers vast sums via the government’s exposure to Fannie Mae, Freddie Mac and the FHA. Allowing an extra three years to increase premiums will give both homeowners and localities time make smart, long term flood mitigation and rebuilding plans.”

The bill, a bipartisan effort, has received support from Congressman Hakeem Jeffries.

Congresswoman Yvette Clarke. Photo by Erica Sherman

Congresswoman Yvette D. Clarke will hold a “Town Hall Meeting on the Recovery from Hurricane Sandy,” March 11 from 6:00 p.m. to 8:00 p.m. at the Brooklyn Amity School, 3867 Shore Parkway at Knapp Street.

Get information from FEMA about the National Flood Insurance Program and the IRS about itemizing casualty losses, extensions for filing deadlines, and other matters.

For further information, call (718) 287-1142.

Photo by Erica Sherman.

The New York State Department of Financial Services mobile unit is stationed in Manhattan Beach until 7:00 p.m. tonight, assisting residents and business owners with bank and insurance issues. And they’ve got company: representatives from several local banks who will hopefully help ease lending and the release of tied-up insurance funds.

Assemblyman Steven Cymbrowitz writes:

On Monday, March 4th, from 11 a.m. to 7 p.m., representatives of five of New York’s largest banks and mortgage servicers will be stationed in the Department of Financial Services’ Mobile Command Center outside P.S. 195, 131 Irwin Street (between Shore and Oriental Boulevards) offer one-on-one help to homeowners.

JPMorgan Chase, Wells Fargo, Bank of America, CitiMortgage and Ocwen Loan Servicing will be on hand. Other institutions sending representatives include OneWest Bank and Assurant, which will represent dozens of smaller banks and mortgage servicers.

… As a member of the Assembly’s Committee on Insurance, I heard testimony at a hearing last week which shed light into policyholders’ experiences with insurance companies in the four months since Sandy struck. Thousands of residents and store owners are still struggling to rebuild their homes and reopen their businesses, and for many of them, difficulties with banks and insurance claims are the primary reason why this process is taking so long.

Insurers typically issue checks jointly to a homeowner and the homeowner’s mortgage bank or servicer following the settlement of a large insurance claim. That means the bank needs to endorse the check before the homeowner may access the funds. Dual endorsement is a standard requirement of mortgage notes and insurance contracts to protect the lender’s interest. Banks may also require proof that repairs have been made before endorsing checks.

Last month, the Department of Financial Services found that banks were holding more than $200 million in insurance funds from Storm Sandy victims; the Department urged the banks to use maximum discretion and effort to speed the release of funds and asked Fannie Mae and Freddie Mac to announce emergency reforms to their rules to provide banks and mortgage servicers with even more discretion to release funds.

The five participating banks and servicers will be immediately releasing an estimated $70-80 million to current borrowers as a result of these rule changes.

The Department of Financial Services is also available to anyone who has questions or concerns about general insurance-related issues.

If you can’t attend, you can still get help by calling the department at (800) 339-1759. Insurance information is also available on the department’s website.

Source: NYS DFS

If you need help with an insurance issue, the New York State Department of Financial Services’ (DFS) Insurance Response Unit is coming to Sheepshead Bay.

Staff from DFS will be providing insurance assistance from its Mobile Command Center (MCC) on the corner of Sheepshead Bay Road and Emmons Avenue (in front of El Greco Diner), March 2 from 10:00 a.m. to 4:00 p.m.

They will be helping homeowners and business owners with:

• City, state and federal relief programs and how to get help
• Questions about the insurance claims process in New York
• Seeking resolution on your claims with your insurer or bank
• Filing an official complaint against an insurer or bank.

Bring all relevant documents with you when you visit the MCC, such as correspondence with your insurer or bank.

If you can’t visit the MCC in person you can always get help with insurance issues or file complaints via the NYS Disaster Relief site www.nyinsure.ny.gov or by calling the Disaster Relief Hotline at (800) 339-1759 Monday to Friday, 8:00 a.m. to 8:00 p.m. and Saturday and Sunday, 10:00 a.m. to 5:00 p.m.

Source: FEMA via the New York Times

Earlier in the month, we reported that FEMA was planning to redraw and expand the flood zone lines for New York City for the first time since 1983. The redrawn flood zones, which carry heavy financial consequences for homeowners living in those regions, are officially here, according to a report in the New York Times.

FEMA was redrawing the maps right before Superstorm Sandy struck. The new lines place more 35,000 homes in flood zones, creating an unavoidable rise in insurance rates while also forcing the city to adapt the building code to account for potential floods. The Times explained in greater detail what the redrawn flood zone lines means for the city:

The maps will not formally go into effect for about two years, but the mayor’s office was already preparing an executive order to help owners of damaged homes rebuild to higher standards. That means that a badly damaged home that was not in the old flood zone, but is in the new one, would be allowed to rebuild to prepare for dangers predicted in the new maps. For instance, a home could be hoisted onto posts or pilings, which might have previously been disallowed because of zoning. “We’re working on an order that will enable people to rebuild, but rebuild in a way that’s safer,” said Caswell F. Holloway, the city’s deputy mayor for operations.

The expenses will undoubtedly be high for people forced to meet the new building regulations. According to the New York Times, a $250,000 home with a ground floor four feet below sea level, will have to pay a staggering $9,500 a year in flood insurance. By comparison, a home hoisted three feet above the flood line will only have to pay $427 a year.

FEMA is looking to help offset costs by providing $30,000 to homeowners to meet the new regulations when rebuilding. Whether that will be enough to raise a house on stilts is another question entirely.

“This is going to be very rough on people,” Chuck Reichenthal, district manager for Brooklyn’s Community Board 13, told the Times. “Insurance is going to zoom through the roof.”

Source: Assemblyman Cymbrowitz’ Office

Assemblyman Steven Cymbrowitz co-sponsored a couple of bills designed to protect residents from shady insurers (A.2287) as well as require insurance companies to cut through the red tape when processing storm damage claims (A.1092), according to a press release sent out by his office.

Cymbrowitz wants to create a Homeowners Bill of Rights (A.2287), which would require insurers to provide those who own their own homes with easy-to-understand documents clearly stating what exactly their insurance covers, how and when to file a claim, and where to obtain coverage in the case of an emergency.

“It is imperative that homeowners know their rights and aren’t left out in the cold without the necessary insurance coverage they need to rebuild their lives,” Cymbrowitz said.

The purpose behind the other bill (A.1092) is to create a new set of requirements that ensure speedier responses from insurers to residents who are filing claims in the aftermath of a major disaster, such as Superstorm Sandy.

“People can’t wait forever to get their lives back to normal,” Cymbrowitz said in the release. “There has to be an industry standard in processing claims so that people know what to expect and insurers can be held accountable for their actions.”

Original image courtesy of nytimes.com

If you are a homeowner in Gerritsen Beach you can probably expect your insurance bills to rise when the city, in concert with federal officials, push the flood zone lines further inland, according to a report by the New York Post.

“I’m sure there’s going to be a lot of properties not in the flood zone before and find themselves in now,” Don Griffin, a vice president at the Property Casualty Insurers Association of America, told the Post.

These areas include the aforementioned Gerritsen Beach, East Williamsburg and parts of Lower Manhattan.

The redrawing of the flood zone lines further inland will yield several consequences for homeowners. People who have mortgages with federally-charted banks will be forced to purchase flood insurance. The closer a homeowner is to the water, the higher the cost they will have to pay in flood insurance.

Those looking to build in a flood zone will also have to meet the stringent height requirements set by FEMA.

“Every foot below the flood plain adds to the cost,” Griffin explained.

The flood zones were last officially expanded in 1983.

Source: Facebook

If you are a homeowner, renter or business owner affected by Superstorm Sandy and have insurance-related questions or issues related to the storm, the Department of Financial Services’ (DFS) mobile command center will be stationed outside of Public School 195, 131 Irwin Street in Manhattan Beach, all day today, January 14, from 9:00 a.m. to 5:00 p.m.

Representatives from DFS will meet with residents inside the mobile unit. To learn more, go to DFS’ website or call them, Monday through Friday, 8:30 a.m. to 4:30 p.m. at (800) 342-3736, (212) 480-6400 or (518) 474-6600.

Source: Facebook

We received this release from the offices of State Senator Martin Golden:

Benjamin M. Lawsky, Superintendent of Financial Services, announced representatives of the Department of Financial Services will be at locations in Brooklyn, Staten Island, Nassau County and Suffolk County to help homeowners, renters and business owners with insurance-related issues stemming from damage caused by Storm Sandy.

The Department’s representatives will be available to meet with residents inside the agency’s Mobile Command Center, which will be stationed at these locations:

Brooklyn

• Saturday, Jan. 5 – 9 a.m. to 4 p.m. at Jamaica Bay Home Depot, 5700 Avenue U.

Brooklyn

• Tuesday, Jan. 8 – 9 a.m. to 5 p.m. at Bergen Beach / Mill Basin Shopping Center, 6620 Avenue U.
• Wednesday, Jan. 9 – 9 a.m. to 5 p.m. at Coney Island, MCU- Parking Lot, 1904 Surf Ave.

Department representatives will help citizens contact their insurers if they have been unable to do so and answer questions about homeowners’, renters’ and business owners’ insurance coverage.

Citizens unable to go to the Mobile Command Center are encouraged to call the Department’s storm hotline (800) 339-1759 which is staffed from 8 a.m. to 8 p.m., daily including weekends. Insurance information is also available on the Department’s website, www.dfs.ny.gov.