NJ won't take back Sandy victims' RREM money
But several unresolved issues -- all centered around whether or not the effort to rehash the claim would be worth the return -- have suppressed enrollment in the Sandy Claims Review.
"
RREM awards are calculated using several factors, such as the cost to rebuild, flood insurance proceeds and public assistance received. The grants can be as high as
Previously, the state's official position was that
This shift in policy appears to apply only to RREM and not other programs, such as SBA loans, where an overlap might also exist.
What to do
To take advantage of this change, a RREM recipient has to take action to bypass the DCA when their Sandy claim is settled. The
A
With
This unknown -- whether or not any additional insurance proceeds would ultimately be gobbled up by the state in the name of "duplication of benefits" -- has shaped weary homeowners' decisions on whether or not to sign up for another look at their Sandy claim.
In March,
Despite those large figures, only about 9,000 claims are being reviewed, according to
Still skeptical
"I filed for additional (flood insurance)," Appleby said. "If they do offer me money, my lawyer will need to get paid and then I will see what is left after the RREM closeout. ... (It's) unknown if I will get additional funds to finish the painting, tilework or to reimburse me for paid housing expenses the current RREM applicants are now getting."
HUD, for its part, is much less definitive in response to how it's addressing this question, telling the Press that they are working with
"(HUD) is committed to a fair and rapid resolution of this unique and unfortunate situation," reads a statement from the department, which has so far provided
How many people are having their Sandy flood claims reexamined?
When the Sandy Claims Review process was announced, its architects said nearly 142,000 flood insurance claims could potentially get a second look -- and maybe more cash. With less than two months remaining to opt into the review, 13,000 policyholders have inquired.
Calls to the call center or applications downloaded online: 12,999
Policyholders determined to be eligible: 9,407
Claims being reviewed: 9,022
Source:
___
(c)2015 Asbury Park Press (Neptune, N.J.)
Visit the Asbury Park Press (Neptune, N.J.) at www.app.com
Distributed by Tribune Content Agency, LLC.
HamCo: School board to vote soon on lowered insurance premiums
Harmony Healthcare International Announces Speaker Line-up for “HARMONY 2015”
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News