Hurricane Ian is the most recent reminder that it takes just one hurricane to cause widespread damage. The September 2022 storm was responsible for $112.9 billion in damage, according to the National Oceanic and Atmospheric Administration. "During last year's hurricane season, especially in Florida and Puerto Rico, we witnessed the overwhelming damage these storms so often leave in their wake," President Joe Biden said in a release marking Hurricane Preparedness Week (April 30-May 6). "Families lost their homes. Business owners lost their livelihoods. Survivors were left with unimaginable grief. As the climate crisis intensifies, the impacts of storm surges, flooding, mudslides, and heavy rainfall will only increase, and communities that lack the resources to respond and recover will be hit hardest." Making matters worse, home replacement costs have escalated more than 55% since 2019, according to Sean Kevelighan, CEO of the Insurance Information Institute (Triple-I). Higher costs around building materials and labor were major drivers of these increase. "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 in a release. "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 natural disasters involve flooding, he added. As Hurricane Preparedness Week draws toward its conclusion, Triple-I and Insurance Institute for Business & Home Safety are recommending property owners take a proactive approach to mitigate these risks with the tips highlighted in the above slideshow. Related: |

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