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 is growing as water temperatures rise.
A severe storm along the coastline of the north Atlantic states would likely be the most expensive natural disaster in American history. 2008 insured coastal propert values within Storm Solutions®' target markets are as follow*:
- New Jersey: $635.5 Billion
- New York: $3.378 trillion
- Connecticut: $479.9 Billion
- Rhode Island: $54.1 Billion
- Massachusetts: $772.8 Billion
*AIR Worldwide Corporation, 2008
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-easters causes significant damage from wind-driven rain and debris. Due to the increased predicitions of a major storm, many insurance carriers are dropping coastal customers or increasing rates daramtically. Storm Solutions® has teamed with insurance carriers to provide advanced wind mitigation solutions to help reduce costs and lower deductibles.
"Extreme precipitation can inflict tremendous damage on homes, businesses. public infrastructure, and ecosystems, as well as disrupting our economic activity and daily lives. Several such events that hit the Northeast hard in fall 2005 and spring 2006 resulted in loss of life and an estimated $130 million in property damage."