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NJ Insurance Boss Praises Banks Helping Sandy Victims

The New Jersey Department of Banking and Insurance is praising the banking community for helping to pursue ways to accelerate the release of insurance proceeds to Garden State homeowners affected by Superstorm Sandy.

New Jersey Shore Still Heavily Damaged Months After Hurricane Sandy
Mark Wilson, Getty Images

“Our banks, state-chartered and national have stepped up to serve New Jersey consumers, these positive actions by our banking community will get more insurance money into consumers’ hands to rebuild and repair damaged properties,” said DOBI Commissioner Ken Kobylowski.

He points out one main issue for consumers has been that their mortgage company has been slow to provide them with the proceeds from insurance claims checks and in some instances this has created difficulties for them as they try to recover from the storm.

Banks have processed in excess of $600 million in Sandy-related claims in New Jersey and have released approximately 80 percent of insurance proceeds to date.

“By continuing these actions” says Kobylowski, New Jersey banks are doing a great service to State and helping consumers impacted by Superstorm Sandy.”

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