Hurricane Sandy: No Hurricane Deductibles in Pennsylvania
Pennsylvania joined three other East Coast states telling insurers they cannot impose hurricane deductibles for losses suffered from Superstorm Sandy.
Gov. Tom Corbett issued a statement Thursday telling residents that they will not pay hurricane deductibles on their insurance claims on damage stemming from Sandy.
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“Insurance deductibles could have added significant costs to Pennsylvanians already struggling to clean up and rebuild after Hurricane Sandy,” Corbett said. “Insurance companies have deployed catastrophe teams to Pennsylvania, and they have been advised that hurricane deductibles should not be applied to any homeowners' insurance claims.”
Insurance Commissioner Michael Consedine says the state is “very pleased” with carriers’ response throughout Pennsylvania and added the department is “actively monitoring the insurance industry to ensure they are fulfilling their commitments to their policyholders.”
On Wednesday, New York, Connecticut and New Jersey issued similar orders to insurers, reasoning that Sandy was no longer a tropical storm when it struck the Mid-Atlantic states leaving devastation along the coast.
This article was originally posted at PropertyCasualty360.com, a sister site of Credit Union Times.