Last year at this time, we issued a warning regarding the escalating threat of hurricane landfalls as the hurricane season progressed. Regrettably, despite our efforts to raise awareness, when Hurricane Ian struck just two months later, it became one of the most devastating natural disasters of 2022, with a staggering cost of $112.9 billion.
To date, there have been 683,456 claims filed in Florida alone, with nearly 40% of these claims remaining unpaid or rejected (87,810 still open – 169,355 closed without payment). The denial or underpayment of insurance claims inflicts severe consequences on the affected individuals and businesses.
To mitigate such catastrophic outcomes in the future, proactive measures must be taken:
1. Property Preparation: Prior to a storm's arrival, it’s imperative that property owners thoroughly photograph and document their physical property. The lack of proper care and documentation of properties has been a leading reason for claim denials.
2. Ownership Verification: Another significant factor leading to claim denials is the inability to provide proof of ownership of contents or belongings. Ensuring the possession of verifiable ownership documents for valuable assets can enhance the chances of successful insurance claims.
3. Comprehensive Insurance Coverage: Homeowners and business owners must meticulously review insurance policies to ascertain sufficient coverage. In numerous instances, claims were denied due to a lack of flood insurance. Securing adequate coverage can help individuals and businesses avoid financial devastation in the aftermath of natural disasters.
Including photos of the exterior and interior of homes and businesses, including the roof (if it’s safe to do so), quick room views, and individual photos of sentimentally and financially valuable items (art, jewelry, family heirlooms, etc.), and critical documents and including them in an online inventory platform like Pinventory can lead to more accurate and fair claim assessments.
By adopting these preventive measures, we can work towards minimizing the adverse effects of future hurricanes and safeguarding the interests of those impacted by such calamities. Preparedness, documentation, and comprehensive insurance coverage are fundamental pillars in reducing the impact of disasters and facilitating a more resilient recovery process.
#pinventory #hurricaneseason #hurricaneian #prepare #future
Founder & CEO, Group 8 Security Solutions Inc. DBA Machine Learning Intelligence
2wVery interesting.