The agents at Bob Korvas Agency Inc. serving Niles, IL, and the surrounding area, are issuing this severe weather warning to their existing clients and to new clients. Global climate change is now responsible for shifting the normal weather patterns in such a way that causes more natural disasters, such as hurricanes, tornados, earthquakes, and flooding.
Floodplain Expansion, Drought, and Wildfires
Increasing portions of land, which are not included in the 100-year floodplain maps that are published by the Federal Emergency Management Agency (FEMA). These expanded areas are now subject to the risks of damage by the overflowing of rivers, broken dams, stronger flooding, and dangerous mudslides.
Major metropolitan areas like Miami and New Orleans, cities and towns located on beach areas, and homes on islands, are regularly experiencing flooding from higher tidal flows. Rainfall is reaching historic levels in many areas, while being completely missing in other areas, such as the extended drought in California. The long-lasting dry weather on the West Coast caused the conditions responsible for thousands of wildfires.
Increased Need for Insurance
For many homes, there is now a need for additional home insurance coverage as a result of the increased risk of damage by natural disasters. Homeowners now pay extra for the damage caused by extreme weather in the forms of larger deductibles, increased premiums, and less overall coverage.
The National Flood Insurance Program increased it annual premiums because rain and storm damage, along with expanded areas being flooded, compromised the financial stability of the program. In 2012, Congress started reducing home insurance subsidies and updated its actuarial tables to calculate insurance premiums based on the new flood risks.
Contact your agent at Bob Korvas Agency Inc. in Niles, IL today to make sure your home insurance is sufficient and that you have has enough coverage as well as the correct types of coverage, in order to mitigate these extra risks of damage due to climate change.