A severe storm along the coastline of the North Atlantic states would likely be the most expensive natural disaster in American history. 2018 insured coastal property values within Storm Solutions®’ target markets are as follow*:
Estimated Insured Value of Exposure for Top 5 States.
- New York: $3.75 Trillion
- Florida: $3.959 Trillion
- Texas: $1.585 Trillion
- Massachusetts: $1.082 Trillion
- New Jersey: $888 Billion
*AIR Worldwide Corporation, 2008
The need for storm protection is gathering momentum within the regulatory, insurance, and building community in the Northeast. it is widely accepted that the frequency and ferocity of hurricanes and nor’easters affecting our area are growing as water temperatures rise.
The Northeast is in a high activity cycle with a major hurricane predicted in the near future. Even without the occurrence of a hurricane, global weather patterns are imposing a greater uncertainty in the upcoming storm season. It is a well-known fact that the regular occurrence of nor-easter causes significant damage from wind-driven rain and debris. Due to the increased predictions of a major storm, many insurance carriers are dropping coastal customers or increasing rates dramatically. Storm Solutions® has teamed with insurance carriers to provide advanced wind mitigation solutions to help reduce costs and lower deductibles.