Sandy - Where do we go from here

[SouthBound3]

Originally Posted by Monty Brewster

Cuomo waived hurricane deductibles in NYS

If the insurance coverage on a home is a contract between the homeowner and the insurance provider - and if that contract states that there is an "x"% hurricane deductible - does the government have the right to nullify the portion of the contract that addresses hurricane deductibles while keeping the remainder of the contract in-tact?

[I_Love_LI_but]

Originally Posted by SouthBound3

If the insurance coverage on a home is a contract between the homeowner and the insurance provider - and if that contract states that there is an "x"% hurricane deductible - does the government have the right to nullify the portion of the contract that addresses hurricane deductibles while keeping the remainder of the contract in-tact?

I don't think Cuomo did that by himself.

I believe that the difference between what is a tropical storm and what is a hurricane (with a higher deductible) depends on certain measurable factors (wind speeds, low pressure reading, etc.) that are existing when it makes landfall.

I think that's how they figure it out. Not just because Cuomo said so.

[twingles]

There was an article somewhere a week or so ago that basically said "not so fast" in regard to the hurricane deductible. First of all, as point out in the article, Cuomo can't nullify what's in a policy contract (a policy contract written in accordance with state insurance law, overseen by an insurance commissioner appointed by the governor). Second, many companies have wised up and use a "wind deductible" not a "hurricane deductible".

THe dumbest thing is that Brooklyn and Queens don't have these (or at least they didn't a few years ago).

[geo631]

The average max sustained winds were not of a hurricane . thus no hurricane deductible. I think it missed the mark by 5 or 6 mph.

[Monty Brewster]

Originally Posted by ClarkStreetKid

And the affected areas will be paying it anyway for years to come.

You got that right

[Monty Brewster]

Originally Posted by I_Love_LI_but

I don't think Cuomo did that by himself.

I believe that the difference between what is a tropical storm and what is a hurricane (with a higher deductible) depends on certain measurable factors (wind speeds, low pressure reading, etc.) that are existing when it makes landfall.

I think that's how they figure it out. Not just because Cuomo said so.

I know my "wind deductible" kicks in at 105 MPH...I think, no, I HOPE I'm safe.