By Jason Wolf at propertycasualty360.com
It’s been 10 years since a devastating hurricane has hit the Southeast.
There are many property owners and managers whose careers began in the region since the last massive storm. These professionals — relatively new to the industry — may be unfamiliar with what they must do to prepare for the storm season, and the repercussions that are totally unfamiliar.
Even those who were in business more than 10 years ago often need a reminder of how catastrophic a major storm can be. And of course, the individual homeowner must also be fully aware of what he or she must do.
Let’s face it: The southeast has had its share of hurricanes. Those who keep tabs on each one may recall that Katrina, Rita and Wilma were Category 5 hurricanes and Dennis a Category 3 storm that together caused $153 billion in damage in 2005. Those figures blew past a record set the year before, when four hurricanes tore through Florida and headed north, causing $57 billion in damage. In 2008, damage from Ike totaled $37.5 billion.
Severe weather’s effect on the insurance industry
The effect on insurance companies was dramatic. In fact, the storms created dire consequences on many companies. Insurers stopped writing policies in states such as Florida and Louisiana, premiums skyrocketed, and restrictions proliferated. The market has recovered in many ways, but property & casualty policies now have multiple exclusions and higher deductibles.
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