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Disaster Aftermath Can Make Losses Worse

Posted To: MND NewsWire

The storm is over, the fires are out, but anyone who has survived a natural disaster, and that is more of us every year, knows that the problems are just beginning. A new report by CoreLogic looks at how a demand surge sparked by rebuilding efforts may or may not affect the recovery in a disaster's aftermath. By demand surge they are referring to a sudden increase in the costs of materials, labor, or other services which can ultimately increase reconstruction costs and in some cases, limit the ability of property owners to recover in a timely matter. This is particularly true where the victims are underinsured or not insured at all. They found that the growth of major chains like Lowes and Home Depot has mitigated the effect of a demand surge on materials , both their availability and cost...(read more)