Many homeowners in flood-drenched New York and New Jersey may find that their insurance policies do not cover costs due to damage caused by Hurricane Sandy, the New York Times reported. For homeowners with federally-backed mortgages in high flood-risk areas, flood insurance is mandatory, the Times said. However, many homeowners forget to renew flood insurance or wrongly assume that homeowners’ policies will cover flood-related damage. “After many events, we realize that many people who were [more]
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