How current events impact your business and real estate holdings

Tuesday, February 26, 2013

Mediate Your Hurricane Sandy Homeowners' Insurance Claims

Yesterday, Governor Andrew M. Cuomo announced the creation of a voluntary mediation process for homeowners disputing their insurance claims from Hurricane Sandy.

To read the press release, click here.

Under the program, which is regulated by the Department of Financial Services, insurers must offer and pay for the mediation. So, homeowners, take their offer and go mediate your claims.

Remember, mediation is not binding and if you don't like the results, you can simply not make a deal and start a lawsuit.

However, these programs have been utilized in other States after similar natural disasters and, to illustrate, the Florida Department of Insurance had a 92% settlement rate utilizing such a program. So, homeowners seem to feel positive about mediating their homeowners' insurance claims.

Also, homeowners, don't be shy about utilizing the services of an attorney at a mediation. Being represented in a negotiation concerning the technicalities of your insurance policy is always a good idea. To find an attorney who is competent on a given topic, its always a good starting place to contact your local Bar Association.

Good luck.