Lessons Learned from Hurricanes and Flooding
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Hurricanes account for a small percentage of total natural disaster events but result in over half of estimated insured property losses from 2005 to 2014. Proper preparation before a hurricane includes securing property and keeping copies of important records. Business interruption insurance can help cover losses from closure during and after a storm. After a hurricane, property owners must decide whether to rebuild or not based on damage and insurance coverage.
Lessons Learned from Hurricanes and Flooding
- 1. Lessons Learned from Hurricanes & Flooding: Property Insurance & Making Property Damage Claims
- 3. • Account for 2.6% of total recorded natural disaster loss events in U.S. from 2005-2014 • Account for 51% of estimated insured losses 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Total Recorded Natural Disaster Loss Events: 2005-2014 Estimated Insured Losses (all events): 2005-2014 Hurricanes All other natural disasters
- 4. Before Landfall: Preparation In addition to securing property, KEEP COPIES OF ALL IMPORTANT RECORDS!
- 5. During Landfall: The Onslaught BUSINESS INTERRUPTION INSURANCE: the “Sliver by the River” Example: Mid-City
- 6. The Aftermath: When the Waters Recede Notice Periods – to Rebuild, or not to Rebuild? Examples of Shopping Centers flooded by Katrina