Sandy is the 2nd costliest hurricane in U.S history. Estimated debt is $30 - $50 billion :
Despite help from FEMA, the maximum
FEMA award per Sandy victim has only been $31,000.
Estimated $20 billion in property damages
Estimated $10 - $20 billion in lost business
"The damage and destruction from coastal surges, power outages, and high winds has resulted in disruptions to school and work schedules, property destruction, and serious financial consequences."
More than 50 million Americans are coping with the aftermath of Hurricane Sandy.
-State of NJ, Department of Human Services
"A disaster happened and they're making money off of us..."
THe Battlefield of individual financial Recovery
Average cost of a home in Great Kills, Staten Island = $430,000.
-- Nicholas Dorman
Great Kills, Staten Island
After Sandy: Nicholas Dorman and his wife of Staten Island, NY were advised to raze and completely rebuilt their home.
After Sandy, insurance only paid $65,000.
FEMA declined to issue the Dormans a grant because they already had flood insurance and the $14,500 sum of their mortgage payments (temporarily suspended) was due just (5) months after Sandy.
To make ends meet in the meantime, the Dormans have signed up for a $193,000 small business loan at 1.68% interest.
Before Sandy, the Dormans took out homeowners insurance and flood insurance totaling $598,000.
Average cost of a home in
Great Kills, Staten Island:
Small Business Loan
to offset Sandy costs:
Mortage Payments due
(5) months after Sandy:
paid after Sandy:
A visual display of the Dorman's expenses in insurance costs and damage from Hurricane Sandy
Help with Managing the Emotional Impact of Hurricane Sandy:
Financial Advice for NY Residents:
The New York Legal Assistance Group:
NJ Sandy Recovery Website:
Black and White Hurricane Image Credit: http://creattica.com/creatives/rens-dekker/35072