Restoration Contractor News: Federal Forecasters Predict 13 to 20 Gulf Storms Causing Insurance Incr
Updated: Jun 15
According to a recent article, homeowners insurance premiums continue to rise in Florida as federal forecasters predict anywhere from 13 to 20 gulf storms,—however, many, with at least half of them turning into hurricanes. Florida hasn’t been hit by a hurricane since 2004, but many insurance companies are still feeling the effects of Hurricane Sandy last year, which devastated many other states in its path of destruction.
Florida citizens spent approximately $8 billion in homeowners premiums last year to protect themselves from hurricanes, and that number is expected to rise.
The expected increase in gulf storms could mean good news for restoration contractors as their workload and revenue will increase. Also, as many homeowners aren’t required to carry hurricane insurance, we recommend our restoration contractor clients let their customers know that without that coverage, they will be left to pay any associated bills to restore their house on their own.
If you have any questions or want a quote for your restoration company, please contact our office.