Are You Ready For A Natural Disasters

Dated: 07/02/2019

Views: 226

Reconstruction costs have risen by 5.6% to 7.6% in some areas over the last year, according to a separate study earlier this year, Core Logic's 2019 Insurance Coverage Adequacy Report. The study found that in Florida, for example, reconstruction costs have risen an estimated 5.6% from 2016 to 2018. As such, if 5% of homes with very high to extreme storm surge risk were destroyed, the reconstruction cost undervaluation would be about $205 million if coverage hasn’t been kept current, the study found. In California, if just 1% of homes at very high to extreme risk of wildfires are destroyed, the undervaluation would equate to about $25 million if homeowner insurance coverage isn’t current; in Houston, if flooding caused 5.4% damage to homes at very high to extreme risk, a 7.6% undervaluation would equate to $49 million if coverage isn’t current, the study says.

Homeowners should make it a point to routinely check their insurance to see what their coverage is in case of a flood, tornado, earthquake, or natural disaster, Amy Bonitatibus, chief marketing and communications officer at Home Lending at JPMorgan Chase, told RealTrends.

Inadequate Home Insurance Could Devalue Entire Regions

Selling Real Estate in the Era of Disaster

From NAR: Energy Efficiency and Climate Change

Besides being properly insured, Bonitatibus also recommends taking steps to make sure homeowners are prepared if a natural disaster strikes. For example, collect paperwork. If a disaster strikes, homeowners will need lots of documents, such as birth certificates, car registrations, insurance polices, health insurance cards, and the title to their home. She encourages homeowners to compile physical and virtual copies of the paperwork.


Credit: REALTOR® Magazine and NAR



Image title

Want to Advertise on this Site?

Latest Blog Posts

Gifts Ideas And Gadgets For Every Room In The House

Are you searching for new and innovative gift ideas this holiday season? If so, check out our list of the hottest home technology offerings. We’ve selected a few of our favorites for every room in

Read More

WISHING YOU ALL A HAPPY HOLIDAYS AND A GREAT NEW YEARS AND HERE IS TO A GREAT 2020

I’d like to wish you and your family a Happy New Decade!That’s right, 2020 is almost upon us.What are your plans for the next ten years? Have you made any “new decade” resolutions yet?If

Read More

OPEN HOUSE SATURDAY 7TH FROM 11 PM TO 2 PM

15633 KENSINGTON TRAIL$235,000 Single Family 3 Beds, 2 Baths, 1,481 Sqr Ft, Clermont Open House Sat 11:00:00 AM - 02:00:00 PM Open House! Sat 11:00:00 AM - 02:00:00 PM This

Read More

OPEN HOUSE SATURDAY 30TH FROM 11 AM TO 2 PM 27416 HAMMOCK VIEW COURT

$399,900 Single Family 4 Beds, 3 Baths, 2,719 Sqr Ft, Yalaha Open House Sat 11:00:00 AM - 02:00:00 PM34797 - Open House! Sat 11:00:00 AM - 02:00:00 PM Perfect home for a

Read More