June brings with it plenty of reasons to celebrate, including warmer weather, longer days and the end of the school year for many. But for millions of Americans, June 1 also means the beginning of hurricane season. Early forecasts by Colorado State University (CSU) are projecting higher-than-normal storm activity this year due to warm waters and atmospheric patterns. This is likely to lead to an above-average number of major hurricanes, as well as an increased probability of hurricane landfall in the Atlantic basin.
CSU’s 2020 modeling predicts 16 named storms and eight hurricanes, with four of those expected to be major hurricanes (Category 3 or above). The chance of one of these major storms making landfall along the U.S. coastline is estimated at 69%, or 130% of the 30-year average. These forecasts put 2020 hurricane activity above last year’s early estimates for 2019.
Are Your Clients Prepared for Hurricane Season?
It only takes one hurricane making landfall to cause major damage, and it’s impossible to say exactly when or where a hurricane will strike. Coastal property owners should always be prepared for an active hurricane season. And with hurricane season comes an increased risk of flood damage caused by heavy rains, storm surges and inland flooding.
The best time to talk to your clients about flood insurance is before hurricane season strikes. Flood damage is not covered by traditional homeowners and property policies, leaving 80% of property owners unprotected. Yet even minor flooding can cause major damage, with an inch of water potentially costing tens of thousands of dollars.
Private Flood Insurance Offers a Wider Range of Innovative Solutions
Private flood solutions offer higher limits, broader coverages and more stable and competitive rates than what is available from the National Flood Insurance Program (NFIP). With over 25 years of industry-leading expertise, Tokio Marine Highland provides a wide range of innovative private flood solutions to ensure the right coverage for your insureds this hurricane season.