Like many of you, we’ve been watching the news. We are likely all aware of the damage caused by Hurricane Sandy to the Northeast. Property damage has been quite extensive as we have seen the pictures.
For once the politicians were on the ball issuing people warnings and for once this time they have it right. We should extend our sympathy and if possible assistance to people who are personally affected either with damage to property or love ones lost or injured.
Some items to consider are check your home insurance policy if you are covered for wind and flood damage as in some cases only the wind damage may be covered by the home insurance policy but it depends on the terms and conditions of your particular policy. If the damage occured to your property in an area included in the government’s declared disaster zone then some compensation may still be paid out if you have a mortgage under Freddie Mac or Fannie Mae.
Assuming that you have received some form of compensation or if not you have managed to raise the money required for repairs and rebuilding, then try to be positive and turn disaster into an opportunity.
1. In some cases you may have had a property that is worn out and if so, this may be the time to rebuild it into a new property. And depending on your budget available it may be possible to create a home that’s even better than the original! Consider including some energy conservation improvements like insulation as mentioned in a previous blog post.
2. The rebuilding and refurbishing of the house will provide work to businesses and tradesmen, decorators, builders, glaciers etc. Use it as an opportunity to be a blessing to others.
3. Remember local business! While we all seem to know The Home Depot, supporting local building materials supplies stores can be a significant help to the local economy which could use all the help they can during these challenging times. The work carried out by the tradesmen buying materials will have a spinoff which will be a demand for raw materials like bricks, cement, paint, window frames, glass, etc.
4. This is a good opportunity to review any risks in the event of a similar storm occurring in the future. One example you should consider, is big trees close to your repaired/rebuilt property. If they could be a problem, consider removing or at least severely pruning them.
After a disaster like Sandy, the opportunity for individuals and for businesses to show that they care abounds. An example is Citibank’s form of caring. They are sending out e-mails saying, "If you have been impacted by the storm, we are ready to assist with access to cash, fee waivers, and more that you may require. Bottom line, we are here to serve you each and every day, but in particular, during this challenging time. If you need assistance, please contact customer service and we will work to help with your individual needs." Small things from several sources can add up to a huge help.
There are countless other ways we can assist, whether privately or publicly. As we move forward, let’s keep in mind that triumph can indeed arise out of trials.
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