Uninsured homeowners, renters, auto and business owners are facing massive losses.
Though Hurricane Sandy left devastation along the eastern coast of the United States, those who are making insurance news with the most acute financial struggles are the people who did not have coverage for what was lost.
Those with policies may have deductibles to face and a long road of recovery ahead, but they’re the lucky ones.
When the insurance news involves individuals who have a policy, it is tragic that their home was damaged or that possessions were lost, but they have the knowledge that the majority of the costs associated with bringing all of those elements back into their lives will be paid for by their insurers.
The saddest insurance news comes from those who do not have that same peace of mind.
Among the major national insurers covering the area, the insurance news from USAA has indicated that they have already had more than 31,000 claims as of the end of last week, and that the number was increasing with each passing hour. By the same time, State Farm had taken 65,000 claims.
Each of those policyholders has the knowledge that the terms of their coverage will help them to restore their homes, businesses, vehicles, and possessions, and that they will one day be able to walk in their front doors and feel “normal” again.
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Eqecat, a disaster modeling company, has now increased its insurance news predictions, saying that there will have been $20 billion in insured losses, as well as another $50 billion in economic losses. These new figures are twice what their previous forecasts had been.
While some people have already been told that their claims will be paid, others are waiting, but it is those who have no coverage that are wondering how they will regain their lives. From the floodwaters to wind damage, fires, and fallen trees, victims of the storm have experienced everything from crushed cars, broken windows and flooded basements, to homes that will need to be entirely rebuilt.
If there is anything that can be said about this insurance news, it is that many people will be viewing it as a lesson, and will begin reevaluating and adjusting their coverage needs, with far more understanding of the importance of a policy.