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Sandy promotes flood insurance for east coast homeownersPosted On Wed, December 19, 2012
Homeowners on the east coast may have been skeptical about the necessity of flood insurance in the past, but in the wake of Hurricane Sandy, there's no doubt about it, according to the Wall Street Journal.
According to the WSJ, insurance brokers all along the east coast have been deluged with calls from homeowners looking for flood insurance policies in Sandy's wake. For the most part, the calls are coming from New York, New Jersey and Connecticut - three of the states that suffered the most damage during the recent storm.
Although it may be too late for homeowners in those areas who did not have flood insurance to get coverage for the damage they're dealing with now, many are phoning in to get a policy before the next storm has a chance to strike.
Many homeowners with upscale properties are finding that the flood insurance offered by the National Flood Insurance Program is not enough to cover their homes. In addition to a regular flood policy, homeowners with properties worth more than $250,000 are advised to get excess or supplemental flood coverage. Both types of policies are expected to see increased insurance rates within the next year.
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