When Hurricane Sandy hit in October 2012, it impacted 24 states, including the entire eastern seaboard from Florida to Maine and as far west as Michigan and Wisconsin. It damaged hundreds of thousands of homes and businesses, forced thousands of people into shelters, and wreaked havoc on vital infrastructure. Overall damage estimates in the U.S. are around $65 billion, making Sandy the second costliest hurricane in U.S. history after Katrina.
With costs continuing to rise in every aspect of the construction industry, contractors are scrambling for ways to cut those costs. And since insurance is one of their biggest expenditures, many are adjusting their coverage in an effort to reduce their premiums.
Warnings for the super storm began last week, advising Northeast residents to prepare for evacuations. Citizens stocked up on water and canned foods, some even packing up and leaving their vulnerable area. New York and New Jersey businesses also had time to organize themselves and their paperwork for the expected damage claims during the calm before the storm. Everyone heard of the storm’s strength but didn’t exactly know how powerful Sandy could be until Monday evening, when the storm struck with full force.