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Hurricane Sandy’s early damage estimates are sitting at around $30 to $50 billion.  Homeowners affected by Hurricane Sandy won’t have to pay hurricane deductibles before the insurance coverage is applied.  Different homeowner insurance policies have deductibles based on insured property value, ranging from 1% to 5%.

Because the National Weather Service declared Hurricane Sandy as a tropical storm, homeowners in various states (Maryland, Connecticut, New York and New Jersey) don’t have to pay hurricane insurance deductibles.

New Jersey law states that in order for hurricane deductibles to not apply, the hurricane must be classified as such by the National Weather Service and the winds must meet or exceed 74 miles per hour inland.  Connecticut law only requires that the state declares a hurricane warning in order to see a deductible.   New York homeowners don’t have to pay for hurricane deductibles, but the Department of Financial Services will be handling how claims are monitored.

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