The Texas Gulf Coast is second only to Florida in the numbers of hurricanes it’s endured. Now with the 2024 hurricane season (June 1 to November 30) underway, there is likely to be more that will follow Hurricane Beryl before the end of the year. Damage often involves storm surges flooding low-lying areas, particularly the upper coast, and the destructive winds. The average price tag for damage is $5.9 billion with Beryl estimates being about $4.6 billion economic losses in Texas with another 2.4 billion in for the entire U.S.
Property damage
Folks understand the deadly and destructive nature of hurricanes, but it doesn’t hurt to put it in perspective. Damage usually involves one or more of the following:
- Roof damage: Strong hurricane winds can wreak havoc on roofs, causing shingles to fly off, tiles to break, and structural damage.
- Structural damage: Buildings, homes, and other structures may suffer structural harm due to high winds, storm surges, and debris impact.
- Interior damage: Flooding from heavy rainfall or storm surges can infiltrate buildings, damaging walls, floors and belongings.
Being prepared for hurricane seasons means having comprehensive property insurance policies are crucial in hurricane-prone areas like the Texas coast.
Far reaching consequences
Hurricanes can barrel across large swaths of the U.S. While the storm surges are limited to coastal areas and bodies of water, these weather events can drop massive amounts of rain and cause tornados to rip through communities in the center of the country. But there is more than the cost of rebuilding structures and infrastructure.
It is also the disruption. Even businesses or homes with little damage can find it harder to make simple repairs because of shortages of materials and manpower. Insurance premiums will likely go up as carriers try to protect themselves from future losses. Displaced staff can end up states away, perhaps not ever coming back.
Any businesses that is temporarily closed edges closer to a permanent closure if they cannot conduct business. Businesses in trouble can start a domino effect that makes it harder for the local economy to bounce back. Moreover, some businesses are hit much harder than others, notably the real estate industry and tourism. Retailers may see peaks (if there is a sudden demand for available products) and valleys (they have nothing to sell or unable to open). While the power may come back on after a few days or a week, the negative economic impact can last years. Even the national supply can be affected with whole regions unable to conduct business.
Claim disputes common after a disaster
Insurance companies are typically active in the aftermath of a hurricane, answering clients calls or even showing up to check on a business or property. Still, the carrier may not be as supportive. Insurers are in the business of making money and they don’t like paying out hundreds of large claims. Policy holders may find it necessary to dispute the final amount of their claim, or whether their policy covers the property and economic damage. An attorney who handles insurance disputes can be a tremendous help to clients trying to get the money they need and deserve.
