reconstruction News

Contractor Fraud Leaves Some Rebuilding Five Years After Sandy

After Superstorm Sandy flooded the first floor of his New Jersey home with 4 feet of water, Rich Bindell shelled out tens of thousands of dollars to a contractor he knew was approved by the state and had done other …

Nearly 6.9 Million US Homes at Risk of Hurricane Storm Surge Damage

This post is part of a series sponsored by CoreLogic. Total Reconstruction Cost Value is More Than $1.5 Trillion It’s no surprise that residential homes in the U.S. located along the Atlantic and Gulf coasts are susceptible to damage from …

Identifying True Insurance Needs Based on Realistic Rebuilding Costs

This post is part of a series sponsored by CoreLogic. Because the reconstruction cost to rebuild a home is generally higher than the original cost to build that same home, the topic often leads to difficult conversations between the insurance …

Reconstruction of Quake-Damaged Heritage Sites Begins in Nepal

Nepal’s prime minister announced this week the start of reconstruction of key heritage sites in and around the capital that were damaged by an earthquake that killed nearly 9,000 people and devastated the country one year ago. Prime Minister Khadga …

Rebuild of Storm-Collapsed Facility in South Dakota Funded by Insurance

City leaders in Spearfish, S.D., have approved the construction of a $5.8 million facility to replace a city-owned call center that collapsed during a blizzard last year. The City Council this week also signed a seven-year lease with Iowa-based TMone …

N.J. Senator Urges Officials to Speed Up Sandy Rebuilding Aid Distribution

Government officials must speed the way home rebuilding aid is getting to thousands of New Jersey victims of Superstorm Sandy, which can be done in part by revamping a burdensome application process, a senator from the storm-battered state said Wednesday. …

‘Parametric’ Covers Central to Insure Public Entities Says Cooper Gay Exec

Despite the ever increasing severity and frequency of natural catastrophes, “insuring public entities in affected countries is becoming simpler due to the emergence of new parametric trigger insurance” according to Steve Jackson, CEO Latin America of international broker Cooper Gay. …

Japan Govt. Estimates Quake, Tsunami Damages at $185 to $308 Billion

The Japanese government on Wednesday estimated the direct damage from a deadly earthquake and tsunami that struck the country’s northeast this month at 16-25 trillion yen ($185-$308 billion), making it the world’s costliest natural disaster. It said the estimate covered …

Japan Recovery and Reconstruction Cost ‘at Least $180 Billion’

Quake-hit Japan faces a recovery and reconstruction bill of at least $180 billion, or 3 percent of its annual economic output and more than 50 percent higher than the total cost of 1995’s earthquake in Kobe. Even though some extreme …