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The communities in the Northeast most gravely affected by Superstorm Sandy include some of the wealthiest towns in the nation: For practically every bungalow destroyed by the storm surge, a million-dollar beachfront mansion was also claimed.

Yet for all their means and money smarts, many of these well-to-do individuals were largely underinsured—and now they are paying the price, as they’re finding out the coverage they had won’t fully pay for all of the damages incurred.

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