After a devastating tornado season that ravaged much of the Southern United States in 2011, we may not be in the clear yet. According to AccuWeather.com, we should be gearing up for what could be another record-breaking tornado season in the United States.
Warmer-than-normal temperatures in the Gulf of Mexico are expected to lead to another year of severe storm activity. Following a year that produced over $25 billion in insured losses related to thunderstorm-tornado-hail activity, insurance companies may want to start battening down the hatches to prepare for what could be another year full of gloomy results.
Not only should insurers be thinking about what the 2012 forecast could mean, but insureds should also consider getting more familiar with their homeowners and auto policies. It isn’t uncommon for policyholders to identify weaknesses in their coverage after a natural disaster strikes. Most people likely don’t know whether they have coverage for damage until after attempting to file a claim. Almost as upsetting as the disaster itself are the stories that pile up about homeowners that are left without a roof over their head because they didn’t have insurance to cover their loss.
But maybe this year we will be more proactive. Maybe this year the average consumer will reflect upon the devastation of 2011 and educate themselves about their own insurance coverage. Or maybe we will just fall back on the norm – it would never, and could never happen to me!
What are your disaster recovery plans for 2012? Have you done your homework and know what is and is not covered on your own insurance policies? What impact do you think the 2012 tornado season will have on both consumers and insurance providers?