The fury of Mother Nature’s wrath is displayed in vivid color during stormy times of year and it seems no area of the planet is safe from such furor. In September 2018, Hurricane Florence battered the southeastern coast of the United States while just a few months earlier, California saw devastating wild fires and last August torrential rain flooded many areas of Taiwan. In February of this year Alabama was hit with a deadly tornado leaving a path of destruction nearly 24 miles long.
After wind and flood waters recede and the rain or smoke has passed, people affected by storms must face the financial ramifications. Whether storms touch down nearby or overseas, the globalized economy means the financial fallout from natural disasters can be felt near and wide.
The National Centers for Environmental Information estimates that hurricanes cost an average of $21.8 billion per event in damages for the United States. Since 1980, when data started to be collected, NCEI indicates hurricanes (tropical cyclones), drought, flooding, wildfires, freezes, and winter storms tend to be the most costly events.
It’s easy to underestimate the scope of the financial burdens caused by natural disasters. Here are a few ways to protect your financial interests in advance of natural disasters.
Storms cause structural and economic damage when they roll through. Be prepared to protect your financial interests.