While exact estimates are not exact to report, it is important to remember the damage of Gustav seven months later. This article, dated September 3, 2008, summarizes the hardship Gulf Coast residents faced
Storm-ravaged homeowners in the path of Hurricane Gustav will file an estimated 175,000 wind- and flood-damage claims with insurance payouts likely to top $5 billion, the Consumer Federation of America reported Wednesday.
Actual damages to covered property could range from $2 billion to $10 billion, according to industry estimates for the storm, which continues to dump rain and high winds across Oklahoma and parts of the Southeast.
The Consumer Federation of America is warning that because of increased deductibles and recent policy limitations on hurricane coverage, many homeowners will assume a greater share of the cleanup costs.
The final line is the most chilling. Homeowners often have to take the burden of hurricane damage as a result of being underinsured or insurance companies refusing to pay out, or at least give real and fair estimates, to homeowners. As a result, the burden of storms falls upon residents who, a week before they were aware of the storm, believed they had protected themselves to the best of their ability and had done the necessary things and steps to maintain their family’s well being. However, the reality Gulf Coast residents fell into post-Katrina is that insurance companies will do what it takes to avoid real or fair payouts in the face of protecting their budgets and bottom-line. When this happens, it is inherently necessary to contact legal counsel, gather all of your documents relevant and contact legal counsel.