Hurricane Irma is expected to make landfall in Florida on Sunday. It’s one of the most powerful Atlantic hurricanes on record, and, as Florida readies for its impact, insurers are speaking out on how to prepare for the storm.
“Having lived in Florida since I was 12 years old … I have never seen this level of stress – but not just clients,” Deborah J. Turner, president of Dean Insurance Agency, in Altamonte Springs, told
Insurance Business. “Everywhere you can literally feel the tension building. People are physically fighting in stores and the long lines to get to supplies.”
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“Hurricane Irma is one of the biggest and strongest storms to ever hit Florida,” said Ellen Worley of Rogers Insurance Agency in Chipley, Fla. “With mainly Hurricane Andrew to compare it to, Floridians need to do all they can ahead of this storm. It will be disastrous and lives will be at grave danger. It may be a long while before new insurance policies will be available due to the devastation. It cannot be stressed enough how important it is to obtain and maintain coverage so there is one less thing to worry about as lives are put back together following such a catastrophe.”
Turner also stressed that events like Irma highlighted why it was important to get insurance coverage in place before a storm hit.
“Of course, there are always insureds perplexed as to why they can’t buy coverage they have been meaning to purchase,” she said. “Clients also start calling to confirm their coverages, which is a bit late once the storm is in the box.”
Ian J. Norris, of Sabal Insurance Group, in Fort Lauderdale, reminded policyholders to prepare ahead of the storm in case they need to make claims afterward.
“Do what you’re supposed to do,” he said. “Secure loose items, secure your house/office, take photographs of everything, get things off the floor if in a flood zone.”
Norris described the mood as Irma approaches as “anxious and serious.”
“No-one seems to be taking this storm lightly. There’s still a great deal of uncertainty and trepidation regarding the ultimate storm track, so everyone is a little on edge,” he said. “As a Florida native who was in South Dade for Hurricane Andrew, I can say that no-one – no-one – is joking about this storm. No ‘hurricane parties’ or ‘hurricane happy hours’ or anything like that - very serious preparations for this weather event.”
With the storm’s path still uncertain right now, insurers are also anxious; the last couple of days have seen some big swings in insurance company stocks. So what will Irma ultimately mean for the industry?
“I don’t think anyone can make any predictions of any kind right now,” Norris said. “A slight jog in the storm path could mean the difference between a direct hit in Miami v. Key Largo … and billions of dollars of insurable losses. This is also what’s causing so much anxiety, both inside and outside of the insurance community.”
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