GAO: Hurricane Damage Claims Need Sharper Eye
I am a big fan of the Government Accountability Office (GAO). As one of the primary oversight agency’s, they do stellar work. But sometimes I wonder if they feel like they are just beating their heads against the collective walls. Having to detail in hundred page reports to Congress and the American public the most obvious points:
Insurance companies’ handling of damage claims from hurricanes, where both wind and water destroy property, needs closer government scrutiny, U.S. congressional investigators said on Wednesday.
Following bitter complaints from some Gulf Coast homeowners about insurance coverage after Hurricanes Katrina and Rita in 2005, the Government Accountability Office (GAO) urged better assessment of “the accuracy of flood payments on hurricane-damaged properties.”
The GAO, the investigative arm of Congress, said questions remain about the Federal Emergency Management Agency’s approach to flood-damage claims processed by private insurers for the government under its National Flood Insurance Program (NFIP).
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