The Impact: POST-SANDY
Sources report a clearer, but far from final, focus on Super-storm Sandy’s aftermath.
125 people in the US
New York: 60
New Jersey: 34
West Virginia: 7
These numbers exclude the 71 people that were killed in the Caribbean. 54 out of the 71 casualties were in Haiti.
Hurricane Katrina is considered the costliest storm in the United States, with Sandy coming in second with approximately $62 billion in damage (which can still rise), most centering around New Jersey and New York.
Damage to Homes and Businesses:New Jersey: Approximately 72,000 homes and businesses damaged.
New York: $42 billion in federal aid
New Jersey: $37 billion in aid
What Should we Expect for the Future?
A portion of the federal aid that is being requested is preventative care, meaning preparations for any storms on the horizon. Insurance Journal reports that “climate scientists continue to predict rising sea levels and the potential for more bad storms.”
Will this Affect Insurance Premiums?
According to The Reporter, “at the end of the third quarter of 2012, Pennsylvania saw a 25% increase in the number of reported crimes involving homeowners insurance in the Commonwealth-meaning that a false, misleading, or inflated claim was knowingly submitted to an insurance company.” This raises insurance premiums for EVERYONE.
This statistic was in Pennsylvania alone, thus leaving a huge margin unaccounted for from the rest of the East coast. It is safe to say we may be watching premiums increase through the beginning months of 2013.