Winter Storm Jonas that hit the East Coast of Washington last January can affect the real estate industry of the country, reports say.
What the recent storm definitely affects is the home insurance prices in the country, according to Forbes. This has been predicted already even if the status quo shows that the exact damages of properties and the number of claims are still unknown. The source also reports that one's future premiums will be affected and there will be difficulties in filing a home insurance claim. The economic structure of the country's insurance industry will also change after such catastrophe.
According to Value Penguin, New York's average annual premium for one home is around $832, and given the spectrum of damage Jonas has made, which is much greater than the storms in Boston back in 2014, the average will most likely increase by $900 this 2016. Hopefully, there will be not much catastrophic weather events coming in the country so the premium will go lower. In fact, Forbes says if there are no major weather events in a certain country in the course of a year, there is a slim chance for the premium to increase. The country's real estate industry then will not be affected.
Now, after this so-called "collateral damage," the question whether the homeowners should be filing insurance claims arise. Actually, a large volume of homeowners have been making small claims already since the storm, which is being viewed the root-cause of the problem. The news article "How Winter Storm Jonas Will Affect Home Insurance Prices" relates that there are those residents who only have broken pipes and roof after the storm and have immediately claimed their home insurance. The article says this is definitely a wrong move.
Forbes suggests there is a checklist that you need to consider before filing a home insurance claim. Considering your deductibles, the category of your payout limits, and the proper timing of your home insurance claim is a wiser step, according to the source.
