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East coast real estate, insurance market unsteady in Sandy's wakePosted On Tue, November 27, 2012
Although Hurricane Sandy is long gone, the effects of the storm are still being felt on the east coast - most notably in the real estate and insurance markets, where homeowners are unsure if they'll ever gain back what they lost.
According to Reuters, homeowners up and down the coast who want to sell their homes are struggling, while those with homes they want to keep are unsure of their insurance payouts and what their rates will be next year.
Homeowners looking to sell their homes in Sandy's wake are seeing few offers, as potential buyers may be warned away from purchasing homes on the coast. Due to multiple news reports stating that this type of storm may continue to lash the east coast in the coming years, buyers are seeing their home values drop.
Meanwhile, property owners who are trying to repair their homes are wondering exactly how much of an insurance payout they'll receive to repair the damage. Many homeowners without flood insurance will be left to pay for the damage out-of-pocket. Furthermore, residents are unsure of whether their homeowners insurance rates will rise in the coming years due to the increase in violent storms.
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