Storm Damage Stats

5/14/2021 (Permalink)

How costly is storm damage?

The US endures numerous storms each year, including hurricanes, tornadoes, blizzards and other extraordinary weather events. Powerful storms often result in significant property damage and loss of lives, and take a toll on local economies. In some cases, storm damage causes devastating and irreparable harm to local American communities.

Just how costly are storm damages?

Hurricanes cost the United States more than one billion dollars annually. According to the national hurricane center, the most economically devastating hurricane on record is 2005’s Hurricane Katrina, which cost $125 billion

Over a thousand tornadoes hit the United States every year, reaping devastating damage. The National Oceanic and Atmospheric Administration (NOAA) reports that 1,520 tornadoes hit the U.S. in 2019. Such storms take a significant economic toll, requiring billions of dollars in recovery funds. In 2019, tornadoes and thunderstorms resulted in $20.3 billion in insured losses.

Many Americans embrace winter weather with open arms but blizzards may result in severe property damage and lasting economic impacts as they damage personal and public property. Freezing temperatures and high winds test the stability of homes, buildings and other structures. Nearby trees and vegetation are also disrupted and may fall. In 2019 alone, winter storms caused $2.1 billion worth of insured damage in the United States.

Preventative maintenance can help reduce or eliminate the damage caused by many types of natural disasters. Homeowners insurance may help cover certain causes of storm damage, including wind, hail and lightning. However, damage caused by flood and earthquakes typically is not covered by a standard homeowners insurance policy. It's important to read your policy to learn what types of storm damage may or may not be covered.