The cost of natural disaster damage continues to break records year after year, as the number of extreme weather events increases. Here are five of the most expensive natural disasters to hit the United States in 2022 – and what to expect in the year ahead.
1. Hurricane Ian
Hurricane Ian set records for hurricane-related damage when it struck the US and Cuba in the last week of September 2022. Damage costs from the hurricane are estimated at over $20 billion. Hurricane Ian is also linked to over 130 deaths.
2. Western Drought
Severe droughts in the western United States have led to serious concerns about water access – and an alarming drop in water levels in places like Lake Mead. Droughts place upward pressure on food prices and, in some locations, can make insuring real estate more costly.
3. Cyclones and Severe Storms
The US’s Midwest region saw tornadoes, cyclones, and other severe storms several times in 2022. These events caused severe property damage, ruined crops, and claimed lives. Due to high inflation rates affecting construction materials, the costs of rebuilding after these events have been severe.
4. Straight-Line Winds
Many people think of tornadoes and similar events when they imagine severe weather damage – but wind can be just as damaging even if it never forms a funnel cloud. Parts of the US, including Indiana, suffered billions in damage in 2022 when severe straight-line winds whipped through the area, destroying buildings and infrastructure.
Flooding in Missouri and Kansas in July 2022 caused over $1 billion in damage. These floods are also linked to at least 28 deaths. Along with floods associated with Hurricane Ian and other storms, this severe flooding led to massive property damage and a new sense of uncertainty among many US communities, which were unprepared for catastrophic water damage.
Worldwide, drought, severe heat, flooding, and other events are also taking their toll on human life and property. Having the right insurance is essential as the number and severity of extreme weather events increases.
Do you have the coverage you need?
The cost of natural disasters is daunting, and it’s only increasing. To protect your property, talk to an experienced insurance broker today. The team at Odell Studner can help you find the coverage you need to guard against catastrophic losses. Connect with our team today to learn more!