2017 had been a bad year for natural disasters in the United States. On the back of multiple strong hurricanes causing billions of dollars worth of damage in the southeastern part of the country, wildfires on the Pacific coast have sent thousands of structures up in smoke.
In the wake of an aggressive hurricane season doing extensive damage to the southeast part of the United States, many homeowners are realizing that their basic homeowner’s policy does not cover flood damage. Instead, flood damage insurance in the United States has to be purchased separately. Most people who have flood insurance policies purchase their policies through the National Flood Insurance Program. That Program faces a number of challenges moving forward that may affect the affordability of its offerings.
The Atlantic hurricane season has already been underway for a couple of months now, running officially from June 1 to November 30, 2015. The 2015 hurricane season is expected to be relatively tame, with various agencies projecting a below average season with 3 to 5 hurricanes, only 1 or 2 of which will qualify as major hurricanes.
From our Resource Library, here is a checklist that includes what should be included in your home's prep kit:
The Atlantic hurricane season runs from June 1 to Nov. 30, and as a business owner in the Philadelphia area — only 50-75 miles from the coastline — you need to take the time to understand how your property coverage will respond to a hurricane or windstorm. If you don’t understand your coverage and deductibles, along with any potential exposure, the aftermath of a hurricane can be devastating to your business, says Phil Coyne, vice president at ECBM.
Effective 6/1/2014, the Biggert-Waters Flood Insurance Reform Act of 2012, will phase out Pre-FIRM subsidized rates for buildings constructed before their communities’ initial Flood Insurance Rate Map became effective. The impact of this change is a 25% rate increase on buildings defined as secondary homes.