Residents of Burlington City, New Jersey, a town nestled
near the Delaware River, have recently been complaining about the high rates
they are forced to pay for flood insurance. Their anger, stirred by Obama’s
recent reforms to Federal flood insurance policies, seems well-based in
reality.
Combined, property owners in Burlington City paid around
$1.5 million in flood insurance premiums in 2013. Despite the very high
insurance rates they’ve faced, both collectively and individually, residents
have very rarely had to file a claim or go through the claims management
process. In fact, only about $500,000 has been paid to the residents from
claims management procedures in the last forty years!
Though Obama’s recent reforms will temporarily lower federal
flood insurance rates, they are expected to skyrocket yet again, and Burlington
City residents just don’t think it’s fair. Of course, other cities in New Jersey do need
that flood insurance, especially cities like Toms River, Sea Bright, and Union
Beach. No matter where in the state your insurance company is located, know
that if you ever need help handling the New Jersey claims management process
for your clients, HC Adjusters is glad to assist you!
No comments:
Post a Comment