Hurricane Season Predictions Putting Spotlight on Insurance Costs

From the beginning of June through Nov. 30 this year, the coastal regions of the United States are hoping that this hurricane season will miss landfall, not just to save lives and property, also spare several states running out of insurance options. But according to predictions from the National Oceanic and Atmospheric Administration (NOAA), those hopes may be dashed. 

NOAA is projecting an 85 percent probability of an above-average hurricane season this year, with damage exceeding a reasonably mild season in 2023. In addition, California-based real estate information service CoreLogic estimates that more than 32.7 million residential properties in the U.S. Gulf and East coasts could be subjected to moderate or severe damage from hurricane-level winds and storm surge flooding. 

While residents of states such as Florida and Louisiana have become used to hurricane-level home destruction, a significant issue for both is that many insurance companies in those states have decided to throw in the towel and leave. 

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