Wayne Texeira,
Marketing Director, CFMP, AINS, AIS, API

On October 29, 2012, Hurricane Sandy slammed into the East Coast. A year ago today, many coastal communities were only beginning to assess the devastation caused by the historic superstorm. While many areas have started to rebuild, many families and businesses continue to be displaced and struggle financially as they work to recover.

You only have to search online for “Hurricane Sandy photos” to be reminded of the devastation caused. One interesting page on Mashable shows photos taken just after Hurricane Sandy alongside pictures of the exact locations today.

Uninsured Losses

Over a dozen states were impacted by Hurricane Sandy, which caused an estimated $18.75 billion in insured property losses, excluding flood insurance claims covered by the National Flood Insurance Program. When you consider uninsured losses and the ongoing financial impacts, the economic implications from Hurricane Sandy will continue to be felt for many years.

Mark Glassman lists some of the outstanding damage in a Business Week article.

FEMA Assistance

FEMA also has a page outlining how Hurricane Sandy has been managed and where we are one year later.  More than $1.4 billion in individual assistance has been provided to more than 182,000 survivors, and $3.2 billion in emergency work, debris removal, repair, and infrastructure replacement.

Flood Insurance Reform Act of 2012

While coastal New Jersey and New York continue to feel Sandy’s effects, significant hurricane damage is being felt nationwide in the form of recent changes to the National Flood Insurance Program (NFIP).  The Flood Insurance Reform Act of 2012 was passed to make the NFIP more financially self-sufficient. The changes will mean premium rate increases for some – but not all — policyholders over time; however, some increases will be significant.

Recently, political and legal moves have been made to attempt to delay and modify the Flood Insurance Reform Act as the actual financial impacts of its implementation are being realized.

Impact on Homeowners Who Have Flood Insurance

However, as these issues are reviewed, homeowners with flood insurance on their primary residence must be aware that their current premium rate structure may be grandfathered as long as their existing policy remains in force.  Homeowners must maintain their current flood policies and not let them lapse; otherwise, they must purchase a new policy subject to the new rules and rates.

As we wait to see how the flood insurance reform situation develops, we can all be grateful no significant storms have occurred on the East Coast during the 2013 hurricane season. In looking back at Hurricane Sandy (and Irene in 2011), the lesson is that significant devastation can occur in areas that traditionally are not impacted by such storms.  And, although you certainly can and should take steps to protect your property from storm damage, it’s equally important to purchase the maximum amount of coverage you can afford for situations when Mother Nature delivers a significant punch.

Read Other Blog Posts

Murphy’s Law Now Officially Sponsored by Murphy Insurance

Murphy’s Law: Now Officially Sponsored by Murphy Insurance

Murphy Insurance is now the official sponsor of Murphy’s Law—because if anything can go wrong, it probably already has. To mark the occasion, we’re rolling out a tongue-in-cheek lineup of “coverage” for life’s most ridiculous moments, from lost socks to seagull snack theft. While these faux policies are just for fun (for now), our real team is always here with real coverage for life’s unpredictable turns. Happy April Fools Day from Murphy Insurance—when Murphy’s Law strikes, call Murphy Insurance.
Auto Insurance in Hudson MA

Auto Insurance in Hudson, MA: What You Need to Know

If you live in Hudson, MA, or the surrounding areas, securing the right auto insurance is essential. Whether you’re a daily commuter, a weekend traveler, or a first-time driver, having the appropriate coverage ensures protection on the road and compliance with Massachusetts’ legal requirements.
Car close-up

What to Do After a Hit-and-Run

When you’re involved in a vehicle collision and the other driver takes off without exchanging insurance information, this is commonly referred to as a hit-and-run. Review the following guidance to understand what information to collect and who to contact following a hit-and-run incident.
Pest Prevention Keep Your Home Pest-Free with Proactive Measures

Pest Prevention | Keep Your Home Pest-Free with Proactive Measures

Pests can cause structural damage, contaminate food, and pose health risks, making proactive prevention essential since home insurance doesn’t cover pest-related damage. Key prevention tips include proper food storage, maintaining outdoor vegetation, regular home inspections, and keeping living spaces clean to minimize pest attraction. For persistent issues, professional pest control may be necessary, and Murphy Insurance is available to provide guidance on home protection and insurance coverage.
Stairs

How to Prevent Falls at Home

Falls are one of the most common and dangerous accidents that occur at home and on the job—especially on staircases. In order to determine whether there are fall hazards within your home, be sure to ask yourself these key questions.
Outdoor Maintenance: Protecting Your Home and Enhancing Your Curb Appeal

Outdoor Maintenance | Protecting Your Home and Enhancing Your Curb Appeal

Regular outdoor maintenance not only enhances your home's curb appeal but also prevents costly damage and potential insurance issues. Key tasks include cleaning gutters, inspecting the roof, maintaining landscaping, power washing exteriors, and ensuring outdoor structures like fences and decks are in good condition. Staying proactive with seasonal upkeep helps protect your home, reduce long-term repair costs, and maintain insurance coverage eligibility.
Co-workers with technology

Best Practices for Creating a Cybersecurity Culture

Employees are commonly targeted during cyberattacks, making them an organization’s first line of defense amid such incidents. For this reason, it’s important to make cybersecurity an integral part of company culture as a valued practice upheld by every member of the organization.
Hot Tub Safety 101 | Protect Your Home, Guests, and Peace of Mind

Hot Tub Safety 101 | Protect Your Home, Guests, and Peace of Mind

Hot tubs offer relaxation but come with safety and liability risks, including potential injuries, health concerns, and insurance coverage gaps. Key precautions include supervising children, maintaining proper water chemistry, setting safe temperature limits, and enforcing responsible usage to prevent accidents. Homeowners should review their insurance policies and consider additional coverage, such as a personal umbrella policy, to ensure financial protection while enjoying their hot tub safely.
Car keys

Avoiding Problems When Buying Used Vehicles

While buying a used vehicle will save you money in purchase price and help you avoid depreciation costs, it is important to do your research before you purchase one. To avoid buying a car with hidden problems, consider these purchase precautions.

Visit Our Personal Insurance Page

Personal Insurance

Life is an ever-changing journey, and it deserves a thoughtful, comprehensive plan to protect the things and people that matter most. Our dedicated team at Murphy Insurance is here to assist you in creating that plan. With a wide range of product options at our disposal, we ensure that your plan is tailored precisely to your requirements. Our commitment to providing clear, intelligent guidance to help you achieve true peace of mind. Learn more about our personal insurance portfolio.

Visit Our Business Insurance Page

Business Insurance

Murphy Insurance stands as your steadfast partner in safeguarding your business from unforeseen challenges in today’s dynamic business landscape. In an era where comprehensive business insurance is not just a prudent choice but a vital one for ensuring the long-term stability and security of your enterprise, we are here to offer our expertise. Running a business inherently entails various risks that can potentially impact your financial stability and reputation. Learn more about our comprehensive business insurance solutions, which are meticulously designed to protect you from these potential threats, granting you peace of mind necessary to focus on the growth and prosperity of your business.