As Hurricane/tropical storm Sandy leaves much of the East Coast devastated by widespread flooding and power loss, analysts are already throwing around damage estimates that could top $20 billion.
There's no telling yet how much of a burden homeowners will face, with downed trees and wind among the main causes of damage to residential areas.
But when it comes to situations like these, is it really possible to storm-proof your home?
Sure, it is –– if you've got an extra 30 grand lying around.
According to Forbes' Dan Bigman, here's what it would take:
- Storm shutters: $15,000/$600 per window.
- Door/roof reinforcements: $2,000
- Installing a gas or wood stove: $5,000
- Back-up generator: $6,000
- Safe room: $5,000 (a 64-square-foot shelter of either concrete or reinforced plywood)
Certainly, those reinforcements would have come in handy for Sandy, but we're not sure spending that kind of cash on a home is worth it, with the exception being areas that are prone to heavy storms.
Yes, it would be nice to avoid the headache of repairs, but your dollars would likely be better spent investing in a good insurance policy. Homeowner's insurance should cover the bulk of damages, but you'll want to look into separate policies for flood, water and wind damage if necessary.
At any rate, battening down the hatches shouldn't send you spiraling toward bankruptcy. There are plenty of low-cost preventative measures you can take in the face of such storms. For those looking to file claims in the wake of Sandy, be sure you've gotten all your ducks in a row first, as claims are addressed on a first-come, first-served basis.
To see more ways to hurricane-proof your home, check out FEMA.gov.
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