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How Super Storm Sandy Can Teach Us An Insurance Lesson
Category: General
A few weeks have passed since much of the east coast was slammed by super storm Sandy. While cleanup efforts are thoroughly underway and the need to rebuild is knocking on the door, many east coasters might be experiencing the horrible, sudden realization that they didn’t have insurance. This can be a serious problem for you if you faced destruction to your property, and there isn’t really anything you can do about it except to be better prepared for next time.
You probably know that car insurance in New York is required by law. But what if you had just purchased a new car a few weeks ago, and you were too swamped with work to take the time to get it insured? Or you had just been putting it off and putting it off, thinking you would be fine, and then all of a sudden your car is flipped upside down by an enormous rush of water.
This can be a rude awakening if you didn’t have insurance, whether it’s home, flood, fire or car insurance. The need to be prepared for this kind of situation is at an all time high. If you managed to be lucky enough to escape this catastrophe without any damage to yourself or your property, you likely know someone who wasn’t as lucky.
And when you do get insurance, you need to make sure that your insurance covers every sort of disaster that could happen. In the coming weeks, you will likely hear heartbreaking stories about people who have to fight with their insurance company over coverage. After losing something like your home, having to fight with an insurance company can be emotionally draining and leave you out of a home, and out of any compensation.
If Sandy is officially designated as a hurricane rather than a nor’easter, insurance companies will have to pay a lot less because a special deductible kicks in, usually anywhere between 1% and 5% of the value of the house. This is a lot more than the typical $500-$1000 deductible that’s typical for home insurance.
The damage this storm caused is estimated to be between $10 and $20 billion. That means insurance companies will shell out billions and billions, and if you were one of the many who had their car or home destroyed, you need to make sure you’re on the receiving end of those payouts.
Whether you had insurance or not during the catastrophic storm, you likely now recognize the importance of having good insurance. As soon as you can, make sure you are insured to the highest level possible. If you aren’t insured, make sure to look around websites like NYCheapCarInsurance.org to find coverage and rates that are good for you.
If you suffered through this natural disaster without insurance, you hopefully won’t make the same mistake again. Insurance is only one level of preparation. Make sure you are prepared in every facet of your day-to-day life, such as having evacuation plans and an emergency preparedness kit.
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You probably know that car insurance in New York is required by law. But what if you had just purchased a new car a few weeks ago, and you were too swamped with work to take the time to get it insured? Or you had just been putting it off and putting it off, thinking you would be fine, and then all of a sudden your car is flipped upside down by an enormous rush of water.
This can be a rude awakening if you didn’t have insurance, whether it’s home, flood, fire or car insurance. The need to be prepared for this kind of situation is at an all time high. If you managed to be lucky enough to escape this catastrophe without any damage to yourself or your property, you likely know someone who wasn’t as lucky.
And when you do get insurance, you need to make sure that your insurance covers every sort of disaster that could happen. In the coming weeks, you will likely hear heartbreaking stories about people who have to fight with their insurance company over coverage. After losing something like your home, having to fight with an insurance company can be emotionally draining and leave you out of a home, and out of any compensation.
If Sandy is officially designated as a hurricane rather than a nor’easter, insurance companies will have to pay a lot less because a special deductible kicks in, usually anywhere between 1% and 5% of the value of the house. This is a lot more than the typical $500-$1000 deductible that’s typical for home insurance.
The damage this storm caused is estimated to be between $10 and $20 billion. That means insurance companies will shell out billions and billions, and if you were one of the many who had their car or home destroyed, you need to make sure you’re on the receiving end of those payouts.
Whether you had insurance or not during the catastrophic storm, you likely now recognize the importance of having good insurance. As soon as you can, make sure you are insured to the highest level possible. If you aren’t insured, make sure to look around websites like NYCheapCarInsurance.org to find coverage and rates that are good for you.
If you suffered through this natural disaster without insurance, you hopefully won’t make the same mistake again. Insurance is only one level of preparation. Make sure you are prepared in every facet of your day-to-day life, such as having evacuation plans and an emergency preparedness kit.
Tag this location on
Mail this location to a friend
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