Hurricane Sandy & Homeowners Insurance

Floodwaters have buried sections of the American Northeast today, in the wake of Hurricane Sandy. Hurricane Sandy hit ...

Floodwaters have buried sections of the American Northeast today, in the wake of Hurricane Sandy.

Hurricane Sandy hit the East coast last night. It is being called the worst storm in a generation. Residents of our country’s northeast corner woke today to flooding, broad power outages and the daunting task of cleaning up a huge mess in the economic hub of our system of national and international finance. Power is still out for six million people, including a sizable chunk of Manhattan.

The storm is being called a “once-in-generation” surge. But that description doesn’t quite cover it. And others are saying that this is the new normal. The storm was the most destructive in the 108-year history of New York City’s subway system, said Joseph J. Lhota, the chairman of the Metropolitan Transportation Authority, in an early morning statement. “We are assessing the extent of the damage and beginning the process of recovery,” he said, but did not provide a timetable for restoring transit service to a paralyzed city.

“It’s the worst I’ve seen,” said David Arnold, watching the storm from his home in Long Branch, N.J. “The ocean is in the road, there are trees down everywhere. I’ve never seen it this bad.” But others are saying that this is the “New Normal.”

In an area that’s not at all accustomed to experiencing tropical storms, many of the homes and businesses that were destroyed were not covered by insurance. In a time like this, we are all reminded of the importance of homeowner’s insurance.

Homeowner’s Insurance

Natural disasters are unpredictable and can be very devastating. Anyone who has been the victim of a hurricane, a tornado, massive flooding, or even brush fires knows that when these things happen, sometimes all you can do is watch helplessly.

The only way to come out of such devastation with hope is by being prepared for the financial costs that it entails in the aftermath of the damage natural disasters bring. Here are some of the things you can do to prepare yourself financially.

Take out insurance

It sounds like a no-brainer but taking out a homeowners insurance is one of the most important things you should to do protect yourself financially against natural disasters. This insurance policy will ensure that when certain damages happen to your property you can file a claim and get financial compensation to make repairs and make your home livable again. A homeowners insurance is not enough though. Make sure that you read your insurance policy and identify certain conditions or stipulations that may not be part of the coverage of your insurance policy. For example, almost all homeowners insurance will not provide insurance cover for damages caused by flooding. For you to get coverage for flood damage you should get a separate flood insurance. This is extremely important especially if you live in an area that is very prone to flooding.

Other insurance policies you need to get are a car insurance that has a rider for natural disaster related damages and a landlord insurance, if you are renting out property.

Take stock of your belongings

You should make an inventory of all your belongings. List down everything and try not to miss anything. When a disaster hits and your property is damaged, you will be most definitely asked for proof of ownership. If you have made a proper inventory of your stuff and have also kept meticulous records to show proof of ownership then you are in a good position to get your claims approved. This means easily getting compensation and having to spend additional time, money and effort to try and prove that your belongings have been damaged.

Go digital with your files

All of your important documents and that meticulous inventory list and proofs of ownership should be backed up digitally. Even though it is important to have physical copies of your documents, it is still a great idea to digitize them. Actual documents can get damaged or even destroyed during a natural disaster. But if you digitize your documents and then save them either on a disc that you give to a family member or friend who lives outside your region or saved the documents in the cloud then you can rest assured that your important files can be accessed whatever happens.

About The Author

John was a former insurance agent who now writes full-time. He has been contributing regularly to HomeInsurance.com.

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15 May 2023, 18:07 | Views: 696

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