Catastrophes are expensive. They take a toll in terms of financial losses to policyholders and insurers. They have a personal and physical impact on adjusters, contractors and other first responders. And they are emotionally, physically and financially draining for residents and businesses.
Following a catastrophe, everything costs more because supplies are at a premium. Rates for adjusters, vendors and contractors are higher because they are staying away from their homes and families, working under extremely stressful circumstances with a severely impacted infrastructure, and everyone and everything is affected by the stresses and physical demands of the job.
Over the last few years the insurance industry has had the opportunity to catch its collective breath because there has not been a major disaster impacting a large portion of the country since Hurricane Sandy.
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