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Hurricane Sandy... saved some UnderWater homeowners?


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2012 Oct 30, 6:37am   1,330 views  3 comments

by BoomAndBustCycle   ➕follow (1)   💰tip   ignore  

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

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1   BayArea   2012 Oct 30, 7:12am  

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   2012 Oct 30, 7:19am  

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   2012 Oct 30, 7:23am  

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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