6/10/2011 - Property damage could reach the billions this hurricane season
CoreLogic recently concluded that storm surges this fall could cause $300 billion in residential property damage.
Hurricane season begins on June 1st of every year, and this season, property damage could reach billions. While weather watchers and newscasts have focused on the impact of recent tornadoes affecting the South, a new report is focusing on the potential of damage resulting from hurricanes.
According to a review of 10 cities vulnerable to hurricanes this fall by CoreLogic, damage totals could exceed $300 billion for residential properties given how exposed some homes are to storm surges.
"The local flood zones defined by FEMA in high-risk coastal regions provide a great deal of exposure data for homes in the path of flood waters," said Howard Botts, executive vice president for CoreLogic. "In many cases, homes exposed to potential storm-surge inundation are located outside of designated flood zones, and those homeowners need to be aware of their vulnerability to severe damage and property losses."
While FEMA has increased the number of communities considered flood zones, thus adding to the total number of areas eligible to participate in the National Flood Insurance Program, thousands of homeowners may be unaware that their standard home insurance policy doesn't include flood insurance.
Typically, flood insurance coverage involves a 30-day standard waiting period, so talk to your Selective agent
today to review your policy and make sure you're protected.