Super Storm Sandy and the election have everyone talking but there is real devastation for homeowners and home value behind the headlines. The home repair industry is bound to be stimulated given damage estimates issued by CoreLogic but in the short term, cleanup has just begun. And usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show on November 4, 2012 at 12:00pm Eastern Time on WSB Radio.
Super Storm Sandy and the election are the hot topics this week. I want to start by expressing my condolences and sympathies to everyone on the Eastern seaboard, as well as all the listeners who have friends, family or perhaps a second home affected by the wreckage.
284,000 residential properties valued at $88 billion dollars were at-risk for damage caused by Sandy, according to CoreLogic, a prominent housing research firm. The loss to homeowners and home value is still being counted.
Some communities like Staten Island, New York and parts of New Jersey have just been wiped away. It’s heartbreaking.
For insurance purposes, Super Storm Sandy was not classified as a hurricane when it landed, a tiny bit of good news for homeowners as hurricane exclusions on property casualty insurance will not kick in. But there’s so many people out there who don’t have flood coverage and in a high volume of cases, that’s what’s needed. Typical homeowners insurance doesn’t cover the rising tides of water.
In terms of the larger national economy, there are reports that we may see half a percent of GDP knocked off by Sandy. Some say the storm will be ultimately beneficial for the home repair and rebuilding industries, and that’s true except that real money is being redistributed. People have lost everything.
Super Storm Sandy and the election results produced come second to helping suffering Americans get back on their feet again.
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