As if you needed me to say so but according to Bankrate’s records, eight of the ten most expensive catastrophes, from a property and business loss perspective, were hurricanes and six of those eight occurred in the last five years! Only two of the hurricanes were from earlier, Andrew in 1992 and Hugo in 1989. The remaining two non-hurricane catastrophes were the attack on the World Trade Centers and the Pentagon in 2001 and the earthquake out in Northridge, California in 1994.
This only underscores the importance of obtaining the proper riders on your home insurance policies and explains away a little bit why home insurance premiums, especially in coastal areas most likely to be hit by hurricanes, are so expensive (and how you can’t afford not to be insured). Unfortunately, many made buying decisions before the latest spat of hurricanes (six of the last eight most disastrous were in the last five years!) so many were likely unaware how bad it could be.
They’re eye opening numbers, check them out.
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