Left High and Dry by Insurers, Homeowners Reluctantly Borrow Sandy Rebuilding Funds

March 7, 2013 10:28 AM

After Sandy’s floodwaters swept into Catherine Mulholland’s Breezy Point home and destroyed her first floor, her rough calculations led her to expect a check for at least $100,000 from her National Flood Insurance Program policy, which maxes out at $250,000. So she was surprised when she only received $48,000 — just enough, she says, to cover cleanup costs.

“Every human being that I talk to agrees with me that it’s not enough,” she said.

Four months out from Sandy, Mulholland is far from the only one who has found herself in the kind of position she didn’t expect after faithfully paying for flood insurance: stuck with unrepaired damage and left to track down other sources of funding. She got close to $6,000 from FEMA to pay rent elsewhere after the storm, and a few hundred dollars more to help with cleaning.

Before Christmas, she reluctantly accepted a $49,400 U.S. Small Business Administration disaster loan in order to cover the cost of all the other work, including new appliances and fixtures.

Interactive map credit: Michael Sullivan

Continue reading on The New York World website.

↑ Back to top

About Us    Contact Us    The MetroFocus Team   Mobile   WNET Pressroom   Privacy Policy    Terms of Service

Mutual of America


MetroFocus is made possible by James and Merryl Tisch, Bernard and Irene Schwartz, Sue and Edgar Wachenheim III, the Cheryl and Philip Milstein Family, Rosalind P. Walter and Jody and John Arnhold. Corporate funding is provided by Mutual of America, your retirement company.
© 2015 WNET    All Rights Reserved.    825 Eighth Avenue    New York, NY 10019