Insurance experts are expecting that the coming hurricane season could be more harsh than just about any previous season in memory. Not only could homeowners find themselves dealing with damage to their houses, they may also find the cost of repairing the damage may be much higher than in previous years. Homeowners should be very careful to make sure their insurance policies will cover them for the damage, or otherwise they could be paying that bill themselves.
Climate Experts Predict a Harsh Summer
One of the biggest reasons this upcoming summer is expected to be so difficult is the simple fact that there are likely to be a record number of hurricanes and other severe storms. For homeowners in New York and other coastal states, this means facing high winds and floods that can cause significant property damage. It can also mean contending with the problems that often follow severe storms, such as mold and water damage.
Lumber Shortages Increase The Price of Home Repairs
Of course, that alone would be more than enough to make things bad, but there is also the fact that the price of lumber has dramatically risen over the past year, with an increase of 340% since the same time last year. The primary culprit for this price increase is a lumber shortage driven by COVID-19, as well as an unexpected increase in the rate of home construction. As a result, anyone who might want to repair their home after a storm will likely be paying a premium for the materials they need.
Insurers Tighten Restrictions on Natural Disaster Coverage
Of course, insurers are well aware that the upcoming hurricane season is likely to be much worse than those in the past. In response, many insurers have begun to limit the coverage they offer in places at high risk of storm damage. Homeowners should check their property insurance to make sure it covers damage from storms, floods, winds, or other similar issues that are likely to arise during a hurricane. Depending on the terms of your insurance policy, you may need to seek additional coverage to specifically cover storm or flood damage.
Homeowners May Face Higher Deductibles
Even when homeowners’ insurance does cover damage from hurricanes and other severe weather, they often have a separate deductible apart from more general types of damage. This could increase the amount of money you need to pay out of pocket when repairing your home. This, among other reasons, is why you should make sure to speak to an independent insurance adjuster, who can help you get the largest possible compensation from your insurer.
Anytime your home or other dwelling has been ruined or severely damaged, it is essential that you protect your property and the interest of your investment by enlisting the services of a Rubin and Rosen public adjuster. We can provide the assistance you need by helping you to work through the entire insurance process. If you want to make a property insurance claim and need assistance to obtain fair compensation for your losses, please give us a call at 718-376-6800 or visit our contact page.