Homeowners to get more info about (lack of) flood coverage
New York homeowners homeowners will get a letter annually that that standard insurance policies don’t cover flood damage, mud slides and other related events, under a bill signed Tuesday by Gov. Eliot Spitzer.
The bill was sponsored by two Broome County lawmakers, Republican Sen. Tom Libous and Democratic Assemblywoman Donna Lupardo. Their area was devastated by floods in June and July of 2006.
Under the measure, homeowners will also will get information on how to get coverage for these risks, provided by the National Flood Insurance Program.
“An annual notice will give our members’ clients a repeated opportunity to consider the risks posed to their property by flooding,� said Martin Koles, president of the state Professional Insurance Agents association.
Under earlier state law, homeowners got only one notice saying they weren’t covered for floods“A lack of understanding about the coverage differences between homeowners and flood insurance policies persists, even after the problems and litigation resulting from the inundation of Hurricane Katrina,â€? Koles said.
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The bill was sponsored by two Broome County lawmakers, Republican Sen. Tom Libous and Democratic Assemblywoman Donna Lupardo. Their area was devastated by floods in June and July of 2006.
Under the measure, homeowners will also will get information on how to get coverage for these risks, provided by the National Flood Insurance Program.
“An annual notice will give our members’ clients a repeated opportunity to consider the risks posed to their property by flooding,� said Martin Koles, president of the state Professional Insurance Agents association.
Under earlier state law, homeowners got only one notice saying they weren’t covered for floods“A lack of understanding about the coverage differences between homeowners and flood insurance policies persists, even after the problems and litigation resulting from the inundation of Hurricane Katrina,â€? Koles said.
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