SANDY INSURANCE Q&A
By Michael Diamond/Asbury Park Press
November 11, 2012
Manny Iouse, the owner of The Oven and Lavallette Pizza in the battered seaside town of Lavallette, by mid-week hadn’t been back to see what became of his restaurants, but the reports from the front lines weren’t hopeful.
He said he was told they were damaged by four feet of water — a problem made worse by the fact that he didn’t have flood insurance.
“It’s just the cost,” he said, explaining why he didn’t have flood insurance. “You have business insurance, workmen’s (compensation insurance), health insurance. To bring home money in the short summer season you have to stop somewhere.”
Nearly two weeks after Sandy hit central New Jersey, homeowners and business owners have had time to sift through their insurance policies and government programs — and still aren’t sure if they will be made whole.
Iouse, for example, has a feeling others can relate to. As the cost of living in New Jersey rose, homeowners and business owners had to find expenses to cut. And if they didn’t have a mortgage for their properties, flood insurance wasn’t required.
With that, here are some basic questions and answers: