Sandy: Hurricane or Storm? The answer could affect your insurance

If you suffered losses in Hurricane Sandy, there may be a lot riding on how weather experts view that superstorm in terms of your insurance.

Frank Varone with Varone Insurance in Wilmington says depending on whether Sandy is categorized as a storm or a hurricane may cost you more to have your damages repaired.

"Whatever the National Weather Service in Delaware determines, that it's either a hurricane or a storm will make that determination. If it's deemed a hurricane, a hurricane deductible will apply, which could be pretty heavy, it could be two percent of the value of the property. On the other hand, if it's a normal deductible then the $250, $500 or thousand dollar deductible will apply."

Varone says it does appear that changes in climate are bringing more extreme weather patterns and as losses mount from events like this, it may be a factor that raises your premiums in the future.

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