How Much Will That Storm Really Cost You?

You're sitting on the couch watching the news when the weatherman starts warning about an approaching storm — and it’s going to be a bad one. Thankfully, you remembered to bring the patio furniture inside, but what if you had forgot? Roof damage, flooding, downed trees, destroyed furniture, are all potential consequences of severe weather. But just how much is this going to cost you?

As a homeowner or property owner, you need to know what severe storms can cost the average American. In this article, we delve into just how much your property damage is going to cost you, so you can get prepared now and save you money later.

The Average Cost of Property Damage From Natural Disasters

1. Severe weather events like hurricanes, floods, and wildfires can cost the average American thousands of dollars in property damage each year. According to recent estimates, the average cost of damage to homes and vehicles is over $10,000 per person annually in the U.S.

2. Housing Damage

   1. The largest costs come from damage to homes which averages $8,000 per person each year. While a few inches of flooding in a basement or attic may cost a few thousand to repair, a severe storm can easily cause $50,000 or more in damage to a single home. Homeowners insurance helps offset costs, but many policies have limits and high deductibles.

3. Vehicle Damage

   1. Vehicle damage from storms also hits Americans' wallets hard, costing an average of $2,500 per person each year. Hail, high winds, and flooding can batter and destroy cars and trucks, even when they’re parked in driveways or garages. Comprehensive auto insurance covers weather-related damage, but again deductibles and limits apply.

The bottom line is that severe weather events can be extremely costly, even for those with insurance. The best way to minimize damage costs is by preparing for storms ahead of time. 

Invest in protective measures like storm shutters, clear debris from gutters and downspouts, consider flood insurance, and move vehicles to higher ground. An ounce of prevention is worth a pound of cure, especially when it comes to costly natural disasters.

By taking these steps, you can better protect your finances from the unpredictable nature of storms.

Sources: 

- National Trust for Historic Preservation. (n.d.). 10 tips to mitigate natural disaster damage. Retrieved from https://savingplaces.org/stories/10-tips-to-mitigate-natural-disaster-damage

- Five Star Claims Adjusting. (2023). Property damage tips to consider when facing natural disasters. Retrieved from https://www.fivestarclaimsadjusting.com/southflorida/blog/2023/property-damage-tips-to-consider-when-facing-natural-disasters.html

- Harvard University. (2023, April). Natural disaster recovery costs set to spiral, study shows. Retrieved from https://news.harvard.edu/gazette/story/2023/04/natural-disaster-recovery-costs-set-to-spiral-study-shows/

- NOAA National Centers for Environmental Information. (n.d.). Calculations of U.S. billion-dollar weather and climate disasters. Retrieved from https://www.ncei.noaa.gov/access/monitoring/dyk/billions-calculations

- Federal Emergency Management Agency. (n.d.). Disaster recovery FAQs. Retrieved from https://www.fema.gov/disaster/recover/faq

- Fixr. (n.d.). Cost of storm damage recovery. Retrieved from https://www.fixr.com/costs/storm-damage-recovery

- 1build. (n.d.). Commercial construction costs. Retrieved from https://www.1build.com/blog/commercial-construction-costs

- Cost Containment Advisors. (n.d.). Stabilization of construction costs after a hurricane. Retrieved from https://www.ccaco.com/blog/stabilization-of-construction-costs-after-a-hurricane

- Angi. (n.d.). How much does repairing storm or wind damage cost? Retrieved from https://www.angi.com/articles/how-much-does-repairing-storm-or-wind-damage-cost.html