Hurricane Sandy: Will Insurance Companies Cover the Cost?

Insurance Will Not Cover Some Losses Caused by Hurricane Sandy

Hurricane Sandy swept through the East Coast on October 29, 2012. New York and New Jersey were hit the hardest and suffered the most property damage. All states from Maine to Virginia experienced some degree of destruction. Unfortunately, many homeowners and business owners are learning that their insurance policies do not provide coverage for all of their financial losses.

Flood Damages May Not Be Covered by Insurance

Hurricane Sandy caused extensive flooding in areas that did not previously experience flood damages. Standard insurance policies for homeowners do not cover property damage caused solely by flooding. Homeowners who did not purchase separate flood insurance policies can suffer uninsured flood damage losses that will cost hundreds of thousands of dollars to repair.

Mortgage banks require homeowners with houses near the shore to purchase flood insurance. Most commercial insurance companies do not offer flood insurance. Flood insurance in the United States is generally purchased from the National Flood Insurance Program offered by the federal government. Homeowners who did purchase separate flood insurance policies are often disappointed to learn that their expensive policies do not cover all of their property damage losses caused by flooding. The National Flood Insurance Program only insures up to $250,000 in property damage and up to $100,000 in damage to the contents of the home. Additionally, damage to personal property located in the basement of a house is not covered by flood insurance. Homeowners who have fully furnished basements will not receive insurance funds to replace the cost of the furniture and personal possessions in their basement.

Insurance Will Cover Losses to Cars Damaged by Hurricane Sandy

Useless cars filled with mud and debris were a common sight along the East Coast after Hurricane Sandy. Fortunately, comprehensive car insurance policies provide coverage for flood damage to cars.

Business Interruption Insurance Will Not Cover All Business Interruption Losses

Businesses across the East Coast were forced to close due to Hurricane Sandy. However, many insurance companies are refusing to pay business interruption claims caused by the storm. Insurance companies will typically only pay for business interruption losses if the business suffered direct physical damage. However, businesses that did not suffer property damage still suffered business interruption losses. Breakdowns in public transportation systems and flooded roads made it difficult or impossible for businesses to open for days after Hurricane Sandy.

Insurance Coverage is Helping the Recovery Effort, but Many Uninsured Losses Remain

Payouts from insurance companies are helping rebuild the parts of the East Coast devastated by Hurricane Sandy. However, homeowners and business owners are discovering that not all financial losses caused by the storm will be covered by their insurance companies.


How Can I Bag Cheap Car Insurance?

When recession has hit the global market, everyone is looking for sources to cut down expenses. Certainly, the one area this can be applied is to bag a cheap car insurance. This can be achieved only if the current contract is coming to an end. Either one must not renew the contract or ask the insurance provider to offer a loyalty discount if they want to cater to the insurance for a long time! If they refuse, it is a good idea to gather different auto insurance quotes from other sources. It’s always advisable to compare insurance quotes to benefit.

Another idea is to bundle up all other insurances from the same provider, such as life insurance, home insurance, and car insurance and put it together while taking the advantage of a discount. If car insurance is able to provide a reasonable amount of cover at reasonable cost, it is termed as inexpensive auto insurance. To avail of this kind of facility, auto insurance quotes from different companies must be compared for cheap car insurance. Insurance companies make use of statistics to decide on the premium – based on the car to be insured, the owner and the background.

Options that can be looked upon to sign the perfect deal

(a) One must ensure that the car has security devices like theft alarm fitted before you approach an insurance company. Some concession is received by taking this measure.

(b) If there is one or more vehicles go in for insurance collaboration. Every insurance company offers discounts for multiple vehicles registered, on the insurance premium.

(c) Auto insurance policies should be purchased yearly, as there is no change in the insurance rate for a fiscal year in any condition.

(d) Vehicle’s mileage should be often checked.

(e)Auto communities can come handy in assisting members to purchase the cheapest auto insurance quote. Therefore one needs to be in touch with them.

(f) Also one must try to lessen the coverage of financial liability and medical help through an accident insurance package.

How important is it to strike a good deal

Globally everyone is looking out for cheap car insurance. To solve this problem there are many sites which not only offer services at low cost but also provide clients with many options that prove beneficial. Good auto insurance is a dual combination of better features at low cost and therefore compromising on any one is acceptance of a bad deal. People know the worth of car insurance only when they fall into tragic situations.

While going for cheap auto insurance quotes must make sure that the auto insurance quote is transparent. There are insurance companies that do provide auto insurance at a low cost but they do not provide many options and features to their customers. This means that one can get stranded in situations like accidents and car damages. Hence, it’s a better idea to get more information about all cheap auto insurance companies and compare insurance quotes before one goes ahead and signs the deal.