In a public appearance just last month that was recorded on video and linked on Insurance Claims and Bad Faith Law Blog, Gov. Christie of New Jersey said that homeowners' insurance claims were getting paid much more than in New York. Much, much more. If I recall correctly, he even said the insurance payments in New Jersey were "exponentially" more. But you can check out what he said for yourself in the linked video which recorded his public performance.
It turns out the truth is more like, "Not so much."
New Jersey policyholders pursuing Flood insurance claims after Sandy have averaged $47,264.00 in a total payout of $3.5 Billion.
New York policyholders pursuing Flood insurance claims as a result of Sandy have averaged $64,912.00 in a total payout of $3.7 Billion.
Policyholders who pursued Flood insurance claims after Katrina, in contrast, were paid an average of $97,053.00 in a total payout of $16.3 Billion. These figures come from a Federal Emergency Management Agency report accessible at www.fema.gov, reported by the USA Today newspaper in a story by Michael L. Diamond and Jean Mikle published online on St. Patrick's Day Eve, available at www.usatoday.com.
Why did New Jersey policyholders average less in claims payments than New York policyholders' claims resulting from the same storm? And why did New Jersey policyholders after Sandy get their claims paid at less than half the average rate that Flood insurance claims were paid after Katrina?
Because Sandy hit New York differently than it hit New Jersey and caused greater damage in a greater storm surge.
And because Katrina hit the GulfCoast with massively greater damage than Sandy hit New Jersey, or anywhere else. Katrina damaged expensive commercial property, for example, whereas Sandy did not. "Not so much."
That's actually the truth. Whether it's on video, or not. Whether you say it loudly or softly, it doesn't change. It's still the truth.
© 2014 by Dennis J. Wall. All rights reserved. No claim to original U.S. Government works.
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