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FEMA: More than 500,000 American residents registered for federal assistancePosted On Thu, December 20, 2012
The Federal Emergency Management Agency recently released an estimate of the number of individuals registered for federal disaster aid following Hurricane Sandy.
According to the report, more than 500,000 residents in affected areas have registered for aid from the federal agency as of December 17. Additionally, FEMA announced that $1.09 billion in disaster aid for victims has been approved thus far.
The disaster funding is designed to help victims who are covered by homeowners insurance already, but whose policies did not cover the extent of the damage to their property. Furthermore, disaster aid is available to property owners whose insurance payouts are delayed despite immediate need.
A livable salary has also been provided to those storm victims whose Additional Living Expenses coverage, offered by their insurer, has run out. Many homeowners whose properties have not yet been sufficiently repaired are still living in hotels and temporary housing, making it necessary for ALE benefits to continue.
The federal funding available to victims is not a form of insurance, but is meant as additional help to cover what has been left out by insurance policies. Therefore, property owners who receive the aid are not required to pay anything on top of their traditional insurance rates.
In order to register for federal aid, homeowners need to be located in regions that have been declared a disaster area by the president, according to Insurance Journal. Despite this designation, there have been thousands of claims flooding in from the states affected by Hurricane Sandy.
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