Travelers Shares Tips to Help Property Owners Prepare for Hurricane Season
As the 2024 Atlantic hurricane season approaches, The Travelers Companies (NYSE: TRV) advises property owners to take proactive steps to safeguard their homes and buildings. Researchers from Colorado State University predict this season may be one of the most active in decades, with 23 named storms and 11 potential hurricanes. Travelers recommends reinforcing structural features, creating preparedness and evacuation plans, documenting property inventories, assembling survival kits, performing routine maintenance, ensuring backup power systems are ready, and reviewing insurance policies. These measures aim to mitigate potential losses from severe weather.
- CSU predicts an active hurricane season with 23 named storms, indicating high demand for TRV's insurance services.
- Travelers emphasizes proactive measures, potentially reducing claim costs and demonstrating commitment to customer care.
- Advice on structural fortifications and readiness can lead to lower damage claims, benefiting TRV's financial outcomes.
- Encouraging policy reviews ensures customers have adequate coverage, potentially increasing policy renewals and new sales.
- Increased hurricane activity may lead to a higher volume of claims, affecting Travelers' profitability.
- Recommendations for property upgrades might highlight existing policy gaps, leading to customer dissatisfaction.
- Potential financial strain on customers who need to implement suggested preparatory measures could result in delayed policy payments.
Colorado State University (CSU) researchers predict that 2024 could be one of the most active Atlantic hurricane seasons in decades. The forecast anticipates 23 named storms, 11 of which could become hurricanes – the highest number that CSU has ever predicted in their April outlook.
“While hurricane season has not officially begun, severe storms can form at any time, underscoring the importance of preparing both commercial and personal properties sooner rather than later,” said Bob Kreuzer, Senior Vice President of Risk Control at Travelers. “Consider strengthening exterior structures, reinforcing vulnerable areas such as doors, windows and garages, and surveying outdoor items that will need to be anchored or moved inside before a storm arrives. Acting now could help mitigate potential losses.”
Travelers recommends that property owners take the following steps to safeguard their homes and buildings:
- Consider hurricane resistance features for your property. Making improvements to your property, such as reinforcing doors and windows and ensuring your roof is in good condition, can help to minimize hurricane damage. If you have invested in fortification already, have a professional inspection annually. Additional information is available here to assist with these planning activities.
- Create preparedness plans. An evacuation plan tells everyone where to go and how to keep in touch during an emergency. Companies will also want to have a business continuity plan that outlines what management and employees will do in case of severe weather and who management can call on to help keep the business running in the event of a disaster.
- Build a content inventory. Documenting the items in your home or at your business can help you accurately recount covered losses if you need to file a claim.
- Prepare a survival kit. Putting together a kit of things you might need if disaster strikes can go a long way. Recommended items to include are available here.
- Perform routine maintenance. Take care of tasks such as tree-trimming, gutter cleaning and debris removal around your home or office building. Make sure drains and sump pumps are clear.
- Prepare generators or other emergency power systems. Be sure your backup power systems are functioning and that you have what you need to maintain power. It’s good practice to test your equipment ahead of severe storms and periodically throughout the year.
- Review your insurance policy. If you have an independent agent, they can help ensure that you understand your policy and have sufficient coverage.
“With experts warning that this year’s hurricane season could be busier than average, it’s important for property owners to take proactive steps now, including making sure that property insurance policies are up to date,” said Joanne Carmody, Vice President of Catastrophe Management for Personal Insurance Claim at Travelers. “Evaluating insurance coverage ahead of time can help facilitate recovery after a storm hits.”
For more information on preparing for hurricanes and other severe weather events, visit travelers.com/resources/weather/hurricanes.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has more than 30,000 employees and generated revenues of approximately
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Media:
Chesleigh Fowler, 860-277-5102
cfowler3@travelers.com
Source: The Travelers Companies, In
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