Superstorm Sandy cut power to more than 6 million homes, shutdown tunnels, subways and airports, in the state that produces about 12 percent of U.S. economic output. The federal government will likely offer help to mortgage owners to reduce their monthly payment or postpone mortgage payments temporarily. However, rebuilding activities will produce construction opportunities in states where the average wage is higher than normal. The construction industry should rebound and new jobs should be generated for architects, builders and construction professionals. Insurance companies should suffer large claims, but not from everybody, specially since lots of homeowners don't have flood insurances. Economists expect actual property damages from Hurricane Sandy to exceed those caused last year by Hurricane Irene, which cost $15.8 billion.
Learn more on how to submit your flood insurance claim.
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