In recent years, properties in the United States have been hit hard by natural disasters, with the largest insured loss event occurring in 2014, according to the Rocky Mountain Insurance Information Association.
Property and casualty insurance industry catastrophes losses in the United States rose to $15.5 billion in 2014, up from 12.9 billion in 2013.
As a result, claims rose to 2.1 million in 2014, compared with 1.8 million in 2013, the association reported, citing that each year about 6 percent of homeowners file claims.
Mitigate possible losses
But homeowners aren’t the only ones who are affected by these catastrophes. As we approach this hurricane season, businesses should ensure they have an emergency preparedness plan in place in order to mitigate losses should a storm occur.
Floods can occur anywhere, anytime, with little or no warning and businesses must make preparations so that if flooding occurs after a storm, they are able to remain open, or reopen quickly after a flood disaster.