We’ve officially entered hurricane season. While the National Oceanic and Atmospheric Administration says there’s a good chance it will be a “near-normal” one for both the Pacific and Atlantic coasts, that’s not exactly comforting for property owners, especially given recent numbers.
In the last three years, 13 hurricanes have made landfall in the U.S. One of those was Hurricane Ida—the second-most damaging storm the country’s ever seen. According to the Insurance Information Institute, Ida racked up an estimated $36 billion in insured losses, behind only Hurricane Katrina in 2005.
It’s storms like these—and the risk of more of them down the road—that has spurred an uptick in property insurance premiums nationwide.
Will 2023 bring more of that costly risk? Here’s what CoreLogic’s recent hurricane report tells us.
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