New York Assesses Damage from Hurricane Sandy
Hurricane Sandy was one of the most destructive storms to impact the U.S., and after Hurricane Katrina, Sandy is estimated to be the second most expensive storm. The cost of repairing the damage from Hurricane Sandy has been estimated to be as much as $50 billion. Initial estimates suggested that New York State would require $33 billion to recover, however Governor Cuomo has requested $42 billion in aid for New York.
Damage from Hurricane Sandy
The staggering costs from Sandy arise from the widespread nature of the storm. New Jersey also suffered severe property damage and loss of life. The storm surge even altered the New Jersey coastline.
The Department of Energy noted that more homes and businesses lost electricity than during any other storm in U.S. history. Fuel supplies ran short, countless people were made homeless, and more than 100 people were killed.
And it may take quite a long time to fully recover from the damage. Not only did countless New Yorkers lose their homes, but many lost their businesses as well. Flood damage often leads to toxic mold, which can cause buildings to be condemned. Many New Yorkers must also deal with the loss of a vehicle.
In addition to physical damage, businesses also incurred lost productivity from the superstorm. Businesses across New York City began closing prior to the storm and remained closed well afterward. The lack of sufficient public transportation immediately following the storm did nothing to improve sales for small business owners in New York. Employees lost wages when they couldn’t go to work and business owners lost revenue from business interruption.
Hurricane Sandy claims
It is expected that 200,000 Hurricane Sandy claims will be filed for wind damage and 20,000 claims will be filed for flood damage. Payouts from private insurance companies are expected to total more than $10 billion. The payments from private insurance companies, FEMA, and the National Flood Insurance Program are unlikely to cover the full cost of the storm’s damage. The sooner a person files a claim, the better their chances are of receiving compensation. However, it’s likely that many claims will be denied.
That is why it’s important for those who have suffered damage to contact an experienced attorney. Many insurance policies have vague language or policy limitations. For example, a home might have been damaged by both wind and floodwaters, but only wind damage is covered, and so the insurance company will deny the claim.
Legal recourse is available
A New York personal injury lawyer can review the insurance policy and negotiate a fair payout with the insurance company. In some cases, homeowners or business owners may also be entitled to additional compensation if the insurance company is found to have acted in bad faith.The Sanders Firm has extensive experience fighting unfair insurance practices.
Our firm has served the residents of the greater New York area for 45 years, and has successfully represented thousands of hurricane victims. We can help you file a claim and receive compensation in a timely manner. Call us today at 1-800-FAIR-PLAY to schedule your free consultation.