After a new report found previous estimates of Puerto Rico’s economic losses from Hurricane Maria were inadequate, the Federal Emergency Management Agency (FEMA) granted more aid to Puerto Rico. The much needed aid will help the island recover from the devastation of Hurricane Maria.
Puerto Rico will receive an additional $64 million in hurricane property damage recovery aid. This aid will then be divided among the Department of Education, Emergency Management Bureau, Municipality of Trujillo Alto, and Industrial Development Company. With the exception of aid to the Municipality of Trujillo Alto, the remainder will allow emergency protective measures to be taken. Emergency protective measures are actions taken to eliminate or lessen immediate threats to public health and safety or additional damage to public or private property.
This aid is welcome in Puerto Rico, but it accounts for only a fraction of the aid the island needs. FEMA has provided a total of $4.6 billion to Puerto Rico for recovery under FEMA’s Public Assistance program, but the island still needs billions more dollars to reach a complete recovery.
While federal aid is extremely helpful for recovery, Puerto Ricans are also awaiting insurance payouts for the damage caused by the $100 billion storm. Not only were buildings devastated, but businesses have also suffered loss of income as they wait for necessary repairs. Many business owners are unable to make vital repairs without insurance payouts.
Insurance companies have been reluctant to pay out on valid claims, much to the detriment of Puerto Ricans. Foreign reinsurers dominate the Puerto Rico insurance market, and these companies were happy to collect premiums but reluctant to pay out on valid claims in the aftermath of a natural disaster. Puerto Rico’s Commissioner of Insurance has already fined these foreign reinsurers millions of dollars for their inaction, but this has done little to speed up the processing of claims.
Helping Hurricane Maria Victims in Puerto Rico
Insurance companies have no right to accept premiums and refuse to pay out on claims. If your insurance company is denying or delaying your Hurricane Maria insurance claim, contact Raizner Law today. Our lawyers can help you obtain your rightful compensation so you can work on recovering. Contact us today for a free consultation.