Is the East Coast Prepared for Hurricane Irene?
Only a few days after being rattled by a 5.8-magnitude earthquake, the East Coast is facing one of the most dangerous hurricanes to hit the area in several years. Forecasts show that Hurricane Irene is on course to collide with North Carolina sometime on Saturday. Will the coast be financially prepared for what’s to come?
Hurricane Irene Strongest Storm to Hit East Coast in 7 Years
An unbelievable 65 million residents on the East Coast have been anxiously awaiting Hurricane Irene from as far down as North Carolina to as far up as Boston.
While forecasters said on Friday morning that the hurricane had weakened slightly, reducing to a Category 2 storm, it is still expected to be the worst to hit the area in 7 years and likely to contribute to billions of dollars in costs for insurance companies.
While thousands have already abandoned their homes in search of safe territory and emergency evacuations are in place up the coastline, the property left behind is sure to be hit with the powerful winds and water moving in excess of 110-mph. How does a homeowner financially prepare for this level of devastation?
Insurance Types that Cover Hurricanes
Understanding the world of insurance pertaining to hurricanes can be a bit confusing, partly because hurricanes can be covered under various types of policies.
If you carry a homeowners insurance policy, it is likely your coverage will take care of structural damage caused by hurricanes such as shingles torn off or windows shattered. On the other hand, you may need flood insurance to take care of actual water damage to the home and surrounding property.
Your comprehensive auto insurance may cover damage to your vehicle if it is lost in the storm, damaged by fallen objects or other issues caused by the storm. Also, you may be able to take advantage of special hurricane-related deductibles that take care of issues not covered in the standard homeowners policy.
Because there is so much to know regarding hurricane coverage, it’s crucial to speak with your insurance companies and make sure all of your property and belongings are financially secure in the wake of this massive storm.