As reported Insurance Journal,
The repercussions after the greatest hurricane in USA history called Sandy are so astounding that it makes people feel fear only when they hear its name. The national economics still is on the way of renovation.
According to the report that was released on the February, 12:
Superstorm Sandy was the deadliest hurricane in the northeastern U.S. in 40 years and the second-costliest in the nation’s history,
The hurricane dominantly was concentrated on the East Cost though it had produced so strong wind gusts on the West that water levels had risen even from Florida to Maine. After summing up the results of the catastrophe it was found out that 72 persons died during the strong storm. Such results can only be compared with 1972 when 122 people were killed during the Hurricane Agnes. But the deadliest hurricane happened in Texas. It killed 8,000 to 12,000 people in 1900.
The insurance companies agreed that they need to pay attention to more proper kinds of insuring as a lot of citizens had no policies that could really help them.
As Insurance Journal reported,
Americans came with one of the most terrible things after Sandy-storm. It’s hard even to imagine the number of flood-related claims. People were left without homes and they demanded the insurance companies to fulfill their responsibilities fully.
It means a signed proof of loss is required on all claims, except on claims under $75,000 when the insured co-signed the report. The policy requires the insured must follow proof of loss within 60 days from the day of the loss,
as Jeff Moore a federal flood insurance and excess flood provider noticed. It is supposed to find new ways of insuring in future as the old approaches needs reforming and improving. Future bulletins must be modified for correcting any missteps taken on earlier storms.
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