A recent LendingTree study found that wildfires are up 17% annually. In terms of financial risk, the study shows that Florida has the second-highest fire risk in the country, with losses expected to reach $269 million.
LendingTree home insurance expert Rob Bhatt told News 6, “This kind of gives people a signal that this is a risk we should be taking seriously.”
For anyone living in an at-risk area, Bhatt recommends having a “go bag” ready and an evacuation plan to keep them and their families safe.
However, Floridians also need to consider the risk of a lightning-induced fire. Florida has the highest lightning density (events per square kilometer) in the country and is second only to Texas in overall lightning count, per the 2023 Vaisala Xweather Annual Lightning Report.
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Additionally, the Insurance Information Institute found that Florida reported the highest number of lightning-related homeowners insurance claims in the country in 2022, with 5,504 claims submitted at an average cost of $14,562 per claim.
Bhatt offers two pieces of advice to help mitigate the financial fallout from fires:
- Make sure your homeowner’s policy has enough dwelling coverage to rebuild your home — “Increasing your dwelling limit usually makes your insurance rate go up a little,” Bhatt says. “However, if you don’t have enough dwelling coverage and a fire burns your house down, then you’re going to have to pay out of pocket for whatever costs exceed your dwelling coverage.”
- Make sure you have an updated home inventory handy — “This is something that itemizes your possessions. Include when you bought it and the price.” Bhatt says. “You want to store it electronically in the cloud or in a safe physical location that you can access during a disaster. Having an updated home inventory handy can help you get your insurance check faster because it allows you to quickly document your losses to your insurance company.”
September is National Preparedness Month, an annual reminder that families should plan before a disaster occurs.
Ready.gov recommends planning today. Family members may not be together when a disaster strikes, so they need to know how to contact one another and reconnect if separated. Establish a family meeting place that is familiar and easy to find. Click here for more of their planning tips.
Remember, if you have a consumer or unemployment issue, email makeendsmeet@wkmg.com.