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Hurricane Sandy FAQs

I thought it would be a good time to pass along timely information about what is, and what is not covered under many property insurance policies. If you clickhere you will find an excellent FAQ article.

It is also a good time to understand what type of help that FEMA provides.  Most of the assistance is in the form of loans, not necessarily direct aid. Since this assistance is in lieu of what insurance covers, it is not meant to make you whole. Finally, you must live in a county in which there has been a federally declared disaster. For example, here in Mercer County, NJ, we are NOT in a federally declared disaster county so even if you had major damage to your home, you would not be eligible for assistance from FEMA. Hopefully you have adequate homeowner’s coverage if you did experience a serious loss.

Finally, this is a very good time to review your dwelling coverage on your homeowner’s policy. While the market value of our homes may have declined over the past few years, the cost to replace our homes has increased. Hence, the cost to rebuild your home is most likely far greater than the market value of your home. This may be a good week to call your insurer and discuss your dwelling coverage. You want to ensure that you have full replacement coverage.

I hope that if you are reading this that you and your loved ones are all safe, and you did not experience any serious damage to your homes. It would be a huge understatement to say that this has been a difficult week for those of us living in the NJ/NY region.

Feel free to call me at 609-620-1770 if you have any questions or would like to discuss your property insurance coverage.

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