The 2018 Atlantic hurricane season is quickly approaching. Beginning officially on June 1st, this year’s hurricane season is forecasted to be relatively near-average, based on the number of hurricanes and tropical storms estimated in an updated seasonal outlook released by The Weather Company. The expected outlook includes a total of 13 named storms, made up of at least seven hurricanes, two of which are forecasted to be categorized major hurricanes.
The news of a less active hurricane season than the previous few years comes as a relief to homeowners up and down the East Coast. However, homeowners still need to be prepared for at least two major hurricanes. Based on the 30-year average and the outlook released by Colorado State University, there could even be a third major hurricane this year.
In addition to physically preparing their homes and surrounding property for the upcoming hurricane season, coastal homeowners may also need some assistance from insurance agents. Here are a few ways insurance agents can help prepare coastal homeowners for the upcoming hurricane season.
1. Review insurance policies.
Before hurricane season kicks off, insurance agents should check in with their coastal homeowner clients to review insurance policies. Go over the policies carefully, letting the client know what is covered under their basic coastal homeowners’ insurance policy and what is excluded. If clients have any additional policies such as flood insurance or deductible buybacks, agents should review these as well.
2. Fill insurance gaps.
Upon review of a client’s policies, agents may identify gaps in insurance coverage, or risk areas that have not been addressed. Many homeowners are not aware that their homeowners’ insurance comes with a number of exclusions, including flood damage. An astonishing amount of homeowners in the United States do not have flood insurance. According to the Insurance Information Institute, it’s estimated that only 12 percent of homeowners across the U.S. carry flood insurance. With flooding being touted as the number one natural hazard risk of 2017, it’s crucial that homeowners are made aware of the importance of this type of coverage.
3. Understand the deductible.
Because different deductible amounts can apply depending on the type of loss, agents should make sure that their clients understand the ins and outs of their deductible(s). Some homeowners may be interested in purchasing a wind buy-back policy to give them an additional layer of protection against exceedingly high deductible costs.
Although insurance agents can’t predict or control the weather, they can help their clients be as prepared as possible. Through education and responsiveness, agents can ensure their clients are ready to face the 2018 hurricane season.
About Wilmington Insurance Agency
Wilmington Insurance Agency delivers comprehensive coastal property solutions. We are a Managing General Agency and provide independent insurance agents with property and liability insurance solutions for residents and businesses primarily in Maryland and Virginia. We work alongside our sister company, Wilmington Insurance Company, established in 1996 and providing Property & Casualty commercial lines business, homeowners, and condominium insurance in the state of Delaware. To learn more about how we can help you to expand your book of business in the coastal market, contact us at (302) 231-2800.