The start of what is forecast to be a “very active” 2024
Atlantic hurricane season is just four weeks away and the Insurance
Information Institute (Triple-I) is recommending homeowners, condo
owners, renters and business owners prepare now.
Led by Colorado State University (CSU) senior research scientist
Phil Klotzbach, Ph.D., also a non-resident scholar at Triple-I, the
CSU Tropical Meteorology Project forecasts 23 named storms, 11
hurricanes and five major hurricanes during the 2024 season, which
starts on June 1 and continues through Nov. 30. A typical Atlantic
hurricane season has 14 named storms, seven hurricanes and three
major hurricanes.
“During National Hurricane Preparedness Week, everyone who lives
in a hurricane-prone community should take a few moments to ensure
they have adequate financial protection for their property and
possessions, while also taking steps to make their home or business
more resilient to the impacts of wind and water,” said Triple-I CEO
Sean Kevelighan.
“History has proven states along the Gulf and East coasts face
the prospect of catastrophic, hurricane-caused property damage.
With more Americans living in harm’s way than ever before, it is
critical for everyone residing in a hurricane-prone community to
make preparedness a priority for the upcoming season,” Kevelighan
added.
National Hurricane Preparedness Week, spearheaded by the
National Oceanic and Atmospheric Administration (NOAA), starts on
Sunday, May 5, and continues through Saturday, May 11.
The Triple-I’s four key hurricane preparedness tips for the 2024
season include:
Review Your Insurance Coverage. Make sure you have the
right type – and amount – of property insurance. The Triple-I
recommends you conduct an annual insurance review of your
policy(ies) with your insurance professional.
“With home replacement costs escalating more than 55% since 2019
due to the higher costs of construction materials and labor, you
should ask your insurance professional if you have the right amount
of coverage to rebuild or repair your home, to replace its
contents, and to cover temporary living expenses if your property
is uninhabitable,” Kevelighan said. “You should also ask about
flood insurance, which is an additional coverage to standard
homeowners, condo and renters policies, as well as a small business
insurance policy. Nearly 90% of U.S. natural disasters involve
flooding so most areas of the country are prone to flooding.”
The best place to start the insurance review process is by
reading the declarations page of your policy. It offers details on
how much coverage you have, your deductibles, and how a claim will
be paid.
Standard homeowners insurance covers the structure of your house
for disasters such as hurricanes and windstorms, along with a host
of other perils, such as fire. It is important to understand the
elements that might affect your insurance payout after a hurricane
and adjust your policies accordingly.
Flood insurance, which is a separate policy from your property
coverage, is offered through FEMA’s National Flood Insurance
Program (NFIP) and several private insurers.
Protect Your Vehicles. Comprehensive auto, which is an
optional coverage, protects your vehicle against theft and damage
caused by an incident other than a collision, including fire,
flood, vandalism, hail, falling rocks or trees, and other hazards.
Nearly 80 percent of U.S. drivers opt to purchase comprehensive
coverage.
Make Sure Your Possessions are Adequately Protected.
Residents need to imagine the out-of-pocket cost of repurchasing
their wind-damaged furniture, electronics, clothing, and other
personal possessions after a hurricane. Whether you have homeowners
insurance, condo insurance or renters insurance, your policy
provides protection against loss or damage to personal property due
to a hurricane.
Creating an inventory of your belongings and their value will
make it easier to see if you are sufficiently insured for either
the replacement cost or the actual cash value of the items situated
at your residence. When you create a photo or video catalog of your
home’s possessions, it expedites the insurance claims process if
you sustain damage from a storm.
Make Your Property More Resilient. Invest in items that
will harden your property against wind damage, such as roof
tie-downs, a wind-rated garage door, and storm shutters. Triple-I
also recommends you have your roof inspected annually by a licensed
and bonded contractor to make sure it will withstand high winds and
torrential rains.
ADDITONAL RESOURCES
FACTS & STATISTICS
Hurricanes Floods
TRIPLE-I ISSUES BRIEFS
State of the Risk: Hurricanes State of the Risk: Flood
CONSUMER INFORMATION
Catastrophes: Insurance Issues Hurricane Season Insurance
Checklist How to Prepare for Hurricane Season Hurricane Season
Insurance Guide Hurricane and Windstorm Deductibles Understanding
Your Insurance Deductible Preparing an Effective Evacuation Plan
Settling Insurance Claims After a Disaster Spotlight on Flood
Insurance Facts About Flood Insurance Recovering from a Flood
INFOGRAPHICS
What are Hurricane Deductibles? How to Prepare for Hurricane
Season How to File a Flood Insurance Claim Is Your Business Ready
for Peak Hurricane Season?
EXTERNAL RESOURCES
FEMA’s National Flood Insurance Program (NFIP) NFIP Information
for Insurance Agents
RELATED VIDEOS
Dr. Phil Klotzbach Discusses 2024 Atlantic Seasonal Hurricane
Forecast Hurricane Insurance Guide Insurance Check-Up: Homeowners
and Hurricane/Flood Insurance Create a Home Inventory
About the Insurance Information Institute
With more than 50 insurance company members — including
regional, super-regional, national, and global carriers — the
Insurance Information Institute (Triple-I) is the #1 online source
for insurance information in the U.S. The organization’s website,
blog and social media channels offer a wealth of data-driven
research studies, white papers, videos, articles, infographics and
other resources solely dedicated to explaining insurance and
enhancing knowledge.
Unlike other sources, Triple-I’s sole focus is creating and
disseminating information to empower consumers. It neither lobbies
nor sells insurance. Triple-I offers objective, fact-based
information about insurance – information that is rooted in
economic and actuarial soundness. Triple-I is affiliated with The
Institutes Risk and Insurance Knowledge Group.
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Florida Press Office: Mark Friedlander, 904-806-7813,
markf@iii.org