Irene's historic damage may not be insured
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Pastor Dale Morgan
Aug 31, 2011, 3:35:44 PM8/31/11
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Perilous Times
Aug 31, 2011
Irene's historic damage may not be insured
By John Bacon, USA TODAY
Updated 2h 1m ago
Hurricane Irene appears destined to be one of the 10 costliest catastrophes in the nation's history, and much of the damage might not be covered by insurance because it was caused not by winds but by flooding, The New York Times reports.
The Times, citing an analysis by Kinectic Analysis, says that although insurers have typically covered about half of losses in past storms, they might end up covering less than 40% of Irene's damage.
Financial damage for the storm, blamed for 44 deaths in 13 states, could approach $10 billion, the Times says.
It isn't clear how many damaged homes have flood insurance, the paper reports. Plus, deductibles have risen in coastal areas in recent years, requiring some homeowners to cover $4,000 worth of damage or more before insurers step in.
Jan Vermeiren, the chief executive of Kinetic Analysis, told the Times that rebuilding won't be a sure thing for many. "The economy is tight, and people don't have money sitting around, local governments are broke, and maybe people can't even get loans from the banks," he said.
Aug 31, 2011
Irene's historic damage may not be insured
By John Bacon, USA TODAY
Updated 2h 1m ago
Hurricane Irene appears destined to be one of the 10 costliest catastrophes in the nation's history, and much of the damage might not be covered by insurance because it was caused not by winds but by flooding, The New York Times reports.
The Times, citing an analysis by Kinectic Analysis, says that although insurers have typically covered about half of losses in past storms, they might end up covering less than 40% of Irene's damage.
Financial damage for the storm, blamed for 44 deaths in 13 states, could approach $10 billion, the Times says.
It isn't clear how many damaged homes have flood insurance, the paper reports. Plus, deductibles have risen in coastal areas in recent years, requiring some homeowners to cover $4,000 worth of damage or more before insurers step in.
Jan Vermeiren, the chief executive of Kinetic Analysis, told the Times that rebuilding won't be a sure thing for many. "The economy is tight, and people don't have money sitting around, local governments are broke, and maybe people can't even get loans from the banks," he said.
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