Is Flood Insurance in Your Forecast?

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Flood Insurance in Your Forecast

Do you ever think about the word forecast? It is a word that is both a noun (a prophecy, estimate, or prediction of a future happening or condition) and verb (to calculate or predict [some future event or condition] usually as a result of study and analysis of available pertinent data). Many start and end each day reviewing forecasts – financial, business, school, traffic and almost always weather forecasts. For sure, over the last few weeks we have all had our eyes on the fluctuating forecasts for Hurricane Florence. After viewing the unusual tracking and destruction of Florence, is flood insurance in your forecast?

A look back to the revised 2018 Hurricane Season forecast

As late as August 2, 2018, the Insurance Information Institute (III) reported:

“Colorado State University (CSU) updated its outlook for the 2018 Atlantic hurricane season today, and they continue to call for a below-normal season with a total of 12 named storms (including Alberto, Beryl and Chris), 5 hurricanes (including Beryl and Chris) and 1 major hurricane (maximum sustained winds of 111 miles per hour or greater; Category 3-5 on the Saffir-Simpson Wind Scale) (Figure 1). This prediction is similar to their early July forecast and is a considerable reduction from their earlier April and June outlooks which called for 14 named storms, 7 hurricanes, and 3 major hurricanes and 14 named storms, 6 hurricanes and 2 major hurricanes, respectively.”

Of course, this forecast didn’t specifically refer to Pacific hurricanes, but we now know the State of Hawaii dealt with Hurricane Lane from August 15-29, 2018, which included rainfall of 52+ inches. And by August 23, 2018, CNBC published this article “Hawaii homeowners may find their insurance won’t cover losses.”

How much do you understand about flood risks?

There is an interesting website American Rivers which offers 10 Facts About Flooding. Perhaps their registered trademark says it best Rivers Connect Us®. Think about where you live. While you may not live close to a river, there is a good chance that a river serves to provide a water or recreation source. Better yet, did you know:

  • 2.9 million miles of rivers cover the United States
  • 1 out of 3 Americans get their drinking water from rivers
  • River-related recreation and tourism annually in the United States produces $97 billion in income
  • The longest river in the U.S. is the Missouri, 2540 miles

This past September 17, 2018, National Geographic weighed in with their article What Forecasters Got Right and Wrong About Florence. And now, we understand that it is difficult to predict accurately what wind and water damage will mean to those in a storm’s path when there is last-minute weakening that stalls the storm. As Cool Green Science published in February 2018, New Study Shows Flood Risks Across the U.S. are Underestimated (in a Big Way).

Have you considered Flood Insurance?

The John Bailey Insurance Agency team offers critical information about flood insurance, almost annually:

This hurricane season we thought it prudent to encourage our current and future clients to review their homeowner, renters and business policies to understand their coverages and if they are eligible for flood insurance to insure a great life.

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Author: Brandon

Farragut High Grad, Ole Miss Rebel, Certified Insurance Counselor – CIC, Specialty Insurance Lover, Past Outdoor Insurance Underwriter, Co-Founder successes – Young Professionals of Knoxville, Knoxify.com, 2011 Dogwood Arts Festival Co-Chair. Lucky husband and dad to 3 sweet girls.

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