search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudParkmerced's $1.8B debt heads to special servicingParkmerced's $1.8B debt heads to special servicing
New York

90 percent of $18.8B Sandy-related claims settled

Storm was third costliest in US history

A boardwalk on the Jersey Shore post-Sandy
A boardwalk on the Jersey Shore post-Sandy

More than 90 percent of Hurricane Sandy-related insurance claims from New York and New Jersey have been settled, Reuters reported. The $18.8 billion in total claims generated makes the storm the third-costliest in United States history, according to trade group Insurance Information Institute.

Only 2005’s Hurricane Katrina and 1992’s Hurricane Andrew were more expensive than Sandy, in inflation-adjusted terms. In the storm’s wake, there was speculation that Sandy could surpass Andrew, but that was not the case.

Sign Up for the undefined Newsletter

The real estate industry also took a serious pummeling from the storm, as The Real Deal reported, but the aftermath may lead to a construction and housing boom.

More than half of the 1.5 million claims registered were in New York and New Jersey, the industry trade group said. The figures exclude flood damage, which is expected to be in the billions. [Reuters via NYP]  –Hiten Samtani

Tags
Hurricane Sandy