A new report shows that New York, Miami, Tampa and New Orleans have the highest risk of heavy property damage from hurricane storm surges. Your clients in these areas need to pay particularly close attention to their insurance policies to ensure they have the protection that they will likely need.
As this recent Insurance Journal article explains, these four cities have:
- Nearly 2.5 million homes at risk of storm surge flooding, with a replacement cost value (RCV) of $804 billion.
- 7.8 million homes with $2.3 trillion in combined RCV at risk of hurricane-related damages.
- 33 million homes with nearly $10.5 trillion in combined RCV at risk of hurricane-force wind damages.
Since this year’s Atlantic hurricane season is predicted to be more active than usual, it will likely lead to higher property losses. As a result, the insurance industry is expected to see increased Homeowners Insurance claims in coastal areas.
New York, Houston, Miami, and Philadelphia have the highest wind damage risks, per the report.
Jencap specializes in Personal Lines Insurance. From your primary home, with all lines included, to your monoline coastal secondary home, our experts have your valued properties and personal assets protected. Please contact us for more information.