Heres Why Hurricane Ian Became The Costliest Storm In Terms Of Property Damage

Heres Why Hurricane Ian Became The Costliest Storm In Terms Of Property Damage

The cost of Hurricane Ian to private insurers was expected to come in and around $63 billion in claims when all was said and done. Actual numbers vary depending on their source, some going as high as $74 billion. Regardless, in Florida’s history, these are anticipated to be the largest storm-related losses (courtesy of Bloomberg and CNN). In addition, flood insurance claims alone were projected, by FEMA, to be between $3.5 and $5.3 billion. Of course, Florida wasn’t alone when it came to suffering the destructive powers of Hurricane Ian. Power failures and floods in Cuba were numerous, and though Ian had lessened in strength as it went through Florida, it revved up again for the Carolinas.

Besides insurance payments for homes and commercial properties, unemployment benefits were paid out to tens of thousands of people as a result of the storm. Some businesses may never bounce back from the devastation. Where homeowners are concerned, many simply can’t afford to rebuild.

Other than property, an extraordinary death toll was associated with Hurricane Ian, too.

Florida’s Building Codes

As horrifying as the damage from the hurricane was, it could have been much worse. Thanks, in part, to Florida’s exceptionally strict building codes, many structures somehow managed to weather the storm. In the entire nation, Florida has some of the strictest building codes in existence – clearly, for good reason.

Power to Homes and Businesses

To add insult to injury, roughly 4 million Floridian energy consumers lost power. Though companies like Duke Energy worked as hard as they could, they had to wait until the danger passed before they could even start repairs. Once repairs had begun, the sheer magnitude of all the required work stretched repair teams to their limit. It would be days before some businesses and homes got their power back.

Financial losses resulting from a lack of electricity were experienced by both private residents and business owners. Businesses without a disaster plan in place fared far worse than those who planned for the inevitable – at least where Florida weather is concerned.

Batten Down the Hatches

Disaster preparedness and having a plan in place are important for small businesses, large conglomerations, and everything in between. Thanks to digital technology, any documents and information can be backed up and held in a safe location. Even if computers are wiped out at the site of the business, there held safely elsewhere.

When a hurricane threatens, businesses should close down and allow their staff to go home or, if advised, evacuate the area. Human lives are far more important than a commercial building, computers, office equipment, client accounts, etc.

Homeowners, if advised to evacuate, should do so. Hopefully, the next time a hurricane rolls around, these homeowners will have purchased flood insurance, hurricane insurance, etc. When they return to their homes, they’ll be filing insurance claims, but they will, at least, have remained safe throughout the storm.

If Your Commercial Building/Property Is Damaged in a Hurricane, Who Can You Call?

Natural disasters can destroy a business – there can be little doubt about that.

The professionals at Stone Claims Group, however, are looking out for you with truth and fairness. We stand ready 24/7, every day of every year, to help your company get back up and running. When you contact Stone Claims Group, you’re taking the first step toward getting an effective, efficient, and fast insurance adjustment.


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