Insurance, Loans

What It’s Like to Really Need Home Insurance

It might feel like throwing money away on home insurance, but imagine being caught in the aftermath of something like 2012’s Hurricane Sandy. Home insurance made a major difference for residents of the Seagate neighborhood in Brooklyn, NY. It was clear in their stories that those hit the hardest were relying on basic homeowners insurance or did not carry insurance at all.

For uninsured residents of Seagate and throughout Greater New York their last resort was to rely on help from the federal government in the form of FEMA and federal grants. Susan Stellin said in The New York Times that damage won’t always be covered by FEMA if the storm isn’t considered a disaster. In addition, she said that FEMA tends to pay much less than an insurance company. Also, many people put in claims against FEMA that they didn’t get what they were entitled to after Sandy.

We can compare this experience to having home insurance. Consumer Reports showed that 79 percent of people who filed an insurance claim after Hurricane Sandy were satisfied with their insurance experience. From this type of storm, home insurance can cover various damage, such as a tree or debris hitting the home. To be prepared, it’s important to know that separate flood insurance is needed to protect against flooding. Even if you live outside of a flood zone, take a few moments to search and compare what type of insurance might one day protect your home and family. There are options to find which insurance will work best for you.

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