Hurricane Sandy: The Insurance Claim Maker

Recently thousands have been dramatically affected by the overwhelming destruction Hurricane Sandy brought to the East Coast. This natural disaster has wiped out entire communities and landmarks, leaving a trail of flooding, gas leaks, power outages and tears in its wake.

People across the nation are sending relief to the victims of the East Coast, and many may have wondered how some families are going to recover from this traumatic occurrence. Thousands of insurance claims for homes and businesses are likely to flood insurance agencies in the coming weeks, so the Equifax Finance Blog decided now was a good time to give some tips with dealing with damage from natural disasters for future reference.

In their article, “Hurricane Sandy Insurance Claims Tips,” Equifax states that some results from natural disasters are not always covered by homeowner’s insurance. Take flooding for instance, memories can be lost, like your wedding photo album or grandparent’s portraits, flood waters can creep into every part of your home like your walls, furniture, lighting, electronics and more. Some of these treasures may be irreplaceable, but it could be even worse if you haven’t invested into alternate insurance to cover something like a flood.

Having the proper insurance coverage guarantees homeowners to save hundreds of thousands of dollars in flood repair/replacements. On a national average, it costs from $400 to $450 annually to cover a single family one-story home. After seeing the damage of Hurricane Sandy, this amount seems insignificant in the long run, especially compared to the thousands of dollars of damage that even a low flood can bring.

Equifax provides even more great tips about insurance claims in natural disasters in the article cited above and on other topics like how to save against child identity theft and debt, so please read the Equifax Finance Blog today and stay smart!