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Hurricane Sandy... saved some UnderWater homeowners?

By BoomAndBustCycle follow BoomAndBustCycle   2012 Oct 30, 6:37am 1,223 views   3 comments   watch   nsfw   quote   share    


Curious what portion of the destroyed homes were underwater... before the hurricane hit? Some may be thanking Hurricane Sandy when the insurance check arrives.

1   BayArea   ignore (1)   2012 Oct 30, 7:12am     ↓ dislike (0)   quote   flag      

How does insurance approach this?

Automotive insurance will give you the fair market value of the automobile, not what you paid. But of course an automobile is the poster-child of a depreciating asset.

How would a home owner's insurance approach a home that's been salvaged in a storm?

2   BoomAndBustCycle   ignore (2)   2012 Oct 30, 7:19am     ↓ dislike (0)   quote   flag      

Either way it makes the decision to move on pretty easy.. and you get sympathy and maybe some FEMA support too! Unlike, strategic defaulters :)

3   thomaswong.1986   ignore (5)   2012 Oct 30, 7:23am     ↓ dislike (0)   quote   flag      

BoomAndBustCycle says

Some may be thanking Hurricane Sandy when the insurance check arrives.

as was the case with the California earthquakes in late 80s/early 90s.... the insurance companies went belly up... the cost was way way over what was able to be paid out.

Such events like earthquakes and hurricanes should give pause to the idea of run away home prices.

It doesnt always work out for anyone...


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