The start of what is forecast to be a “very active” 2024 Atlantic hurricane season is just four weeks away and the Insurance Information Institute (Triple-I) is recommending homeowners, condo owners, renters and business owners prepare now.

Led by Colorado State University (CSU) senior research scientist Phil Klotzbach, Ph.D., also a non-resident scholar at Triple-I, the CSU Tropical Meteorology Project forecasts 23 named storms, 11 hurricanes and five major hurricanes during the 2024 season, which starts on June 1 and continues through Nov. 30. A typical Atlantic hurricane season has 14 named storms, seven hurricanes and three major hurricanes.

“During National Hurricane Preparedness Week, everyone who lives in a hurricane-prone community should take a few moments to ensure they have adequate financial protection for their property and possessions, while also taking steps to make their home or business more resilient to the impacts of wind and water,” said Triple-I CEO Sean Kevelighan.

“History has proven states along the Gulf and East coasts face the prospect of catastrophic, hurricane-caused property damage. With more Americans living in harm’s way than ever before, it is critical for everyone residing in a hurricane-prone community to make preparedness a priority for the upcoming season,” Kevelighan added.

National Hurricane Preparedness Week, spearheaded by the National Oceanic and Atmospheric Administration (NOAA), starts on Sunday, May 5, and continues through Saturday, May 11.

The Triple-I’s four key hurricane preparedness tips for the 2024 season include:

Review Your Insurance Coverage. Make sure you have the right type – and amount – of property insurance. The Triple-I recommends you conduct an annual insurance review of your policy(ies) with your insurance professional.

“With home replacement costs escalating more than 55% since 2019 due to the higher costs of construction materials and labor, you should ask your insurance professional if you have the right amount of coverage to rebuild or repair your home, to replace its contents, and to cover temporary living expenses if your property is uninhabitable,” Kevelighan said. “You should also ask about flood insurance, which is an additional coverage to standard homeowners, condo and renters policies, as well as a small business insurance policy. Nearly 90% of U.S. natural disasters involve flooding so most areas of the country are prone to flooding.”

The best place to start the insurance review process is by reading the declarations page of your policy. It offers details on how much coverage you have, your deductibles, and how a claim will be paid.

Standard homeowners insurance covers the structure of your house for disasters such as hurricanes and windstorms, along with a host of other perils, such as fire. It is important to understand the elements that might affect your insurance payout after a hurricane and adjust your policies accordingly.

Flood insurance, which is a separate policy from your property coverage, is offered through FEMA’s National Flood Insurance Program (NFIP) and several private insurers.

Protect Your Vehicles. Comprehensive auto, which is an optional coverage, protects your vehicle against theft and damage caused by an incident other than a collision, including fire, flood, vandalism, hail, falling rocks or trees, and other hazards. Nearly 80 percent of U.S. drivers opt to purchase comprehensive coverage.

Make Sure Your Possessions are Adequately Protected. Residents need to imagine the out-of-pocket cost of repurchasing their wind-damaged furniture, electronics, clothing, and other personal possessions after a hurricane. Whether you have homeowners insurance, condo insurance or renters insurance, your policy provides protection against loss or damage to personal property due to a hurricane.

Creating an inventory of your belongings and their value will make it easier to see if you are sufficiently insured for either the replacement cost or the actual cash value of the items situated at your residence. When you create a photo or video catalog of your home’s possessions, it expedites the insurance claims process if you sustain damage from a storm.

Make Your Property More Resilient. Invest in items that will harden your property against wind damage, such as roof tie-downs, a wind-rated garage door, and storm shutters. Triple-I also recommends you have your roof inspected annually by a licensed and bonded contractor to make sure it will withstand high winds and torrential rains.

ADDITONAL RESOURCES

FACTS & STATISTICS

Hurricanes

Floods

TRIPLE-I ISSUES BRIEFS

State of the Risk: Hurricanes

State of the Risk: Flood

CONSUMER INFORMATION

Catastrophes: Insurance Issues

Hurricane Season Insurance Checklist

How to Prepare for Hurricane Season

Hurricane Season Insurance Guide

Hurricane and Windstorm Deductibles

Understanding Your Insurance Deductible

Preparing an Effective Evacuation Plan

Settling Insurance Claims After a Disaster

Spotlight on Flood Insurance

Facts About Flood Insurance

Recovering from a Flood

INFOGRAPHICS

What are Hurricane Deductibles?

How to Prepare for Hurricane Season

How to File a Flood Insurance Claim

Is Your Business Ready for Peak Hurricane Season?

EXTERNAL RESOURCES

FEMA’s National Flood Insurance Program (NFIP)

NFIP Information for Insurance Agents

RELATED VIDEOS

Dr. Phil Klotzbach Discusses 2024 Atlantic Seasonal Hurricane Forecast

Hurricane Insurance Guide

Insurance Check-Up: Homeowners and Hurricane/Flood Insurance

Create a Home Inventory

About the Insurance Information Institute

With more than 50 insurance company members — including regional, super-regional, national, and global carriers — the Insurance Information Institute (Triple-I) is the #1 online source for insurance information in the U.S. The organization’s website, blog and social media channels offer a wealth of data-driven research studies, white papers, videos, articles, infographics and other resources solely dedicated to explaining insurance and enhancing knowledge.

Unlike other sources, Triple-I’s sole focus is creating and disseminating information to empower consumers. It neither lobbies nor sells insurance. Triple-I offers objective, fact-based information about insurance – information that is rooted in economic and actuarial soundness. Triple-I is affiliated with The Institutes Risk and Insurance Knowledge Group.

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“During #HurricanePreparednessWeek, everyone who lives in a #hurricane-prone community should take a few moments to ensure they have adequate financial #protection for their property & possessions." @III_SeanK