As the land’s heartland endures heavy rainfall, catastrophic flooding and deadly tornadoes, homeowners elsewhere shouldn’t assume they are out of abuse’s way. Now is the time to evaluate any risk for potential summer storm damage.
The Atlantic hurricane season runs from June 1 through Nov. 30. And although the Citizen Oceanic and Atmospheric Administration predicts a near-normal season, it nevertheless expects nine to 15 named storms (coils of 39 mph or higher).
Of those, four to eight could become hurricanes (winds of 74 mph or higher) and include two to four chief hurricanes (winds of 111 mph or higher).
Mark Wallheiser | Getty Images
In other words, people who live in areas non-natural by hurricanes could be in a major storm’s path at some point over the next six months. And if they haven’t calculated whether they’re covered for the potential cost of rebuilding after a disaster, now’s the time to do it.
As temperatures rise and more moisture is clutched in the air, massive storms — some of which stall and dump torrential rainfall — have become more frequent in brand-new years.
Last year, Hurricane Florence caused $24 billion in damage when it battered the Southeast in September, fling down nearly 36 inches of rain in some spots in North Carolina and causing widespread flooding and wind-related assassination. Hurricane Michael hit the panhandle of Florida in October, leaving $25 billion worth of damages in its wake.
Five costliest U.S. cyclones on record
| Name | Year | Cost |
|---|---|---|
| Katrina | 2005 | $161 billion |
| Harvey | 2017 | $125 billion |
| Maria | 2017 | $90 billion |
| Sandy | 2012 | $71 billion |
| Irma | 2017 | $50 billion |
“Drowning is the number one disaster threat,” said Lynne McChristian, non-resident scholar for the Insurance Information Institute. “Pay attention to what’s occasion elsewhere and realize it could be you.”
Here are some tips for making sure you’re financially prepared for hurricane season.
Pass muster your hurricane deductible
There’s a good chance your homeowners insurance policy has a hurricane deductible. In 18 confirms and Washington, D.C., it’s a given. In others, it depends on your policy.
Either way, that deductible typically ranges from all over 1 percent to 5 percent, depending on the specifics of your insurance contract. Some homeowners might opt for an even higher deductible if it’s nearby.
It’s important to note that the percentage is based on your insured value, not the damage caused. So if your home is insured for $200,000 and you participate in a 2 percent hurricane deductible, you’ll pay $4,000 whether the damage is $20,000 or $200,000.
This means you need a plan to cover your allotment in the aftermath of a disaster.
“People should never take a higher deductible than they can afford,” McChristian voted. “Now’s a good time to look at it and make sure you’re comfortable with it.”
Prepare for flooding
While most homeowners’ approaches cover wind damage, they generally exclude flood damage. Yet floods are often what cause the ton destruction.
“People are suffering flood damage in many parts of the country that never had it before and never soupon they were vulnerable,” McChristian said.
For coverage, you’d need flood insurance through either the federal Country-wide Flood Insurance Program or a private insurer. Be aware, however, that there are coverage exclusions and limitations.
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