Natural Disasters Are on the Rise, Making Insurance More Important Than Ever
Unless you have been living under a rock, you are aware that there has been a major uptick in the frequency, and severity, of natural disasters; yet many people still choose not to obtain insurance coverage for the natural disasters relevant to their areas.
For the 3rd consecutive year, the United States has suffered Mother Nature’s wrath at an above-average rate. The United States has been hit with eleven disasters that have cost more than $50 billion in damage. The population is increasing, increasing the number of properties that are at risk from these disasters. Paired with the increasing price of homes, it makes sense that the damage these disasters are causing is also increasing.
Last year, there were 1.6k floods, many caused by Hurricane Florence in North Carolina, South Carolina, and Virginia; causing between $19B and $28.5B in damages, most of which was destroyed or heavily damaged homes. Keep in mind that approximately 6% of the total number of homes in the United States are located in areas designated as flood prone, but only 33% of those homes have flood insurance to protect them.
Similarly, 2 hurricanes struck the Eastern Coast of the United states last year, destroying 700k homes and businesses in Hurricane Florence.
More relevant to our readers, people living in the Studio City Sherman Oaks, and Encino areas, the wildfires destroyed thousands of homes, and took many lives. What you may not know, is that last year, there were eleven states that suffered from wildfires that destroyed more than 50,000 acres; California had 7 major wildfires. Given the uptick in natural disasters, the prudent home buyer should seriously consider insuring their homes against natural disasters.
At the Chernov Team we take pride in our ability to not only obtain the best home for their budgets but protect those homes as well.