New York’s top insurance regulator says Superstorm Sandy has revealed glaring gaps in consumer knowledge about coverages, and has highlighted the need for uniformity and clarity in property-insurance policies.

Addressing members of the State Assembly Standing Committee on Insurance at a hearing in New York yesterday, the state’s Department of Financial Services Superintendent Benjamin M. Lawsky said complaints to the department after Sandy showed many consumers did not understand that their homeowners policy does not cover flood. The fact that 50 percent of affected homeowners did not have flood insurance when the Oct. 29 storm brought storm surge that was measured as high as 15 feet in some places underscores the point. 

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