Insurance companies have paid out more than $4 billion in claims resulting from superstorm Sandy, which barreled through New Jersey a year ago this week. Still, many homeowners complain about settlements that are too low and damage that companies will not cover.
According to the latest figures from the New Jersey Department of Banking and Insurance, homeowners and businesses incurred nearly $4.6 billion in losses, exclusive of claims on flood insurance policies and surplus lines and excess insurers, due to the storm that devastated the Shore and left much of the state without power for a week or more. As of September 15, insurers had paid out roughly 88 percent of that total.
In all, the state reports companies had closed 98 percent of claims as of six weeks ago, and paid on 77 percent of claims submitted.
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