Over Half of South-Shore Sandy Victims Uninsured for Floods reports Agency Nationwide
First number paint bleak picture for families and economy alike
There are roughly 52,500 uninsured homes, businesses, and general structures that likely have broadened implications for recovery from the ravaged region along the South Shore. With a lack of insurance settlements to facilitate rebuilding, many are apt to deplete savings, which could in turn see them to to falling into deeper debt. What follows that is a postponement in sometimes necessary repairs. Others may choose to simply walk away, according to experts at the economist.
"Some of those houses will not be rebuilt, because people will not have the resources," said Pearl Kamer, chief economist for the Long Island Association, the region's largest business group.
While there are homeowners that lack insurance, and are thus eligible for low-interest loans for up to $32,000 in aid from the federal government, the general costs of rebuilding waterfront towns are significantly out of that price range, at least three-times so, according to federal estimates.
Timothy Crowley, who presides as regional director of the Federal Emergency Management Agency, stated that the result of that problem “could be catastrophic” for those who do not have some form of insurance.
With these staggering numbers in mind, the totals also give many a first account of the general overtone and scope of how many Sandy Victims there are, and the number of those who will be forced to rebuild without any help from insurance.
The statistic is not fully flushed out, however. For instance, the statistic does not indicate the extended of wreckage or the exact locations of buildings. Some suffered slight damage, while others were merely affected by wind, and could be easily covered by insurance. Others can be outside the main zones of devastation and damage, but have suffered structural faults and compromises.
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