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Why Hurricane Helene Means Trouble for Your Insurance Claims

by Team Lumida
October 8, 2024
in Macro, Real Estate
Reading Time: 3 mins read
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Why Hurricane Helene Means Trouble for Your Insurance Claims
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Key Takeaways:

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Homeowners face rising deductibles and reduced coverage post-Hurricane Helene.

Insurers may limit payouts, leading to potential legal battles over claims.

Expect rising premiums and stricter policies as natural disaster risks grow.

What Happened?

Hurricane Helene wreaked havoc across six U.S. states, causing property damage estimated between $15 billion and $26 billion. Yet, insurance claims might not cover much of this devastation.

Recent trends show insurers hollowing out coverage and increasing rates, leading to potential shocks for homeowners filing claims. Insured losses could fall between $5 billion and $15 billion, as many policies exclude flooding, a key cause of the damage.

Deductibles for wind damage are rising, with some as high as 5%, leaving many homeowners to cover significant losses themselves. In areas like Hilton Head Island, S.C., residents face uncovered damages due to these high deductibles.

Why It Matters?

The implications for homeowners and investors are significant. With insurers tightening coverage, many homeowners will struggle to recover financially from Helene’s destruction.

As Rick Tutwiler, a claims adjuster, points out, “We’ve moved to an era dominated by exclusions and harsher policy terms.” This shift exposes a growing gap between flood risks and actual coverage. In fact, fewer than one in 100 households in the worst-flooded inland counties have flood insurance.

As insurers increase premiums, property owners in previously safe inland areas, like Asheville, N.C., will face higher costs. Alexandra Glickman of Arthur J. Gallagher warns, “It’s going to be much more difficult for owners of small businesses and multifamily properties as they rebuild.”

What’s Next?

Expect legal battles as homeowners fight insurers over coverage definitions. Amy Bach from United Policyholders notes, “Insurers are strategically working to limit what they pay for water damage from all sources.”

This could lead to litigation, particularly if insurers attribute damage solely to flooding. Investors should watch for continued premium hikes and policy changes as insurers adjust to increased natural disaster risks.

The trend of rising deductibles and reduced coverage will likely persist, affecting property values and insurance accessibility. With more storms like Helene, understanding insurance policy intricacies becomes crucial for property owners and investors alike.

Source: The Wall Street Journal
Tags: Hurricane HeleneInsurance Claims
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018