New Jersey residents who were affected by Hurricane Sandy have until January 30 to apply for low-interest disaster loans from the Small Business Administration (SBA). It is also the deadline for individuals to register for disaster assistance from the Federal Emergency Management Agency (FEMA).
Those who apply by January 30 could avoid a possible shortfall in rebuilding money should they find out later that the insurance policy does not cover all damages. When it comes to businesses and non-profit organizations, the SBA may loan up to $2 million to repair or replace storm-damaged property.
According to SILive, a Staten Island news website, 24 Staten Island residents were killed during Hurricane Sandy. Extreme tidal surges left hundreds homeless and pushed them into temporary housing, which has been funded by federal aid. On Thursday, FEMA extended their assistance but only by two weeks.
Congress is set to vote next week on a $50.5 billion emergency relief bill to help those seriously affected by the storm. Connecticut, New Jersey and New York were all hit especially hard.
"Staten Island is still awaiting updated flood-zone maps, which will affect rules for rebuilding in those areas, the availability of flood insurance, the issuing of permits and a host of other recovery issues. Without recovery funds, there can be no recovery program," the article said.
When businesses decide to break ground, it's important that company leaders take the location into consideration when searching for general business insurance. Working with commercial insurance specialists is recommended, as these professionals can help organizations find a comprehensive policy that accounts for natural disasters that affect that area.
Rebuilding after serious storms - or other unpredictable events - can be very costly, and businesses might not be able to recover quickly if they are not thoroughly covered. Having commercial property insurance can greatly assist in this process.