With growing storms and changing insurance coverage limits, the reality is that natural disasters cost the average American household thousands each year. According to recent estimates, the total cost of weather and climate disasters in the U.S. over the last five years exceeds $500 billion. For homeowners, disaster recovery bills can quickly add up to $10,000 or more per household.

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Handling Repairs and Rebuilding Without Breaking the Bank

Following a storm, the process of recovery and rebuilding begins—a journey that can be as financially draining as it is emotionally. It's not just about repairing damage but also managing the additional costs that accumulate.

The silver lining lies in preparation. Homeowners can mitigate these costs by ensuring they have an updated evacuation plan, emergency supplies, and appropriate insurance coverage before disaster strikes.

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Tips to Minimize Natural Disaster Costs and Damage

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Be Prepared Ahead of Time

The best way to reduce costs from storms is by being proactively prepared. Have emergency supplies like food, water, a battery-powered radio, and a first aid kit. Create an emergency plan for different scenarios. Don't wait until a storm is approaching to stock up on essentials.

Protect Your Property

There are several things you can do to safeguard your home. Install impact-resistant windows or storm shutters. Reinforce your roof, especially the edges and overhangs. Clear your yard of any loose debris that could become airborne. Consider flood insurance even if you're not in a high-risk area. While premiums can be pricey, the coverage can save you tens of thousands of dollars in damage costs.

Review Your Insurance Coverage

Most homeowners insurance policies do not cover damage from floods, earthquakes, sinkholes, or mudslides. Review your policy to understand exactly what is and isn't covered. Consider supplemental coverage for any gaps. Increase coverage limits for high-value items in your home.

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Understanding and Managing Contracting Costs

When you're faced with hiring contractors for repairs, it's important to understand the costs. Contractor fees typically range from 10 to 20% of the construction costs. Knowing this, along with additional expenses such as permits and waste removal, is essential for budgeting and negotiation.

By taking proactive steps and making informed decisions, you can not only protect your property but also manage the financial impacts of natural disasters.

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Sources: 

- National Trust for Historic Preservation. (n.d.). 10 tips to mitigate natural disaster damage. Retrieved from https://savingplaces.org/stories/10-tips-to-mitigate-natural-disaster-damage

- Five Star Claims Adjusting. (2023). Property damage tips to consider when facing natural disasters. Retrieved from https://www.fivestarclaimsadjusting.com/southflorida/blog/2023/property-damage-tips-to-consider-when-facing-natural-disasters.html

- Harvard University. (2023, April). Natural disaster recovery costs set to spiral, study shows. Retrieved from https://news.harvard.edu/gazette/story/2023/04/natural-disaster-recovery-costs-set-to-spiral-study-shows/

- NOAA National Centers for Environmental Information. (n.d.). Calculations of U.S. billion-dollar weather and climate disasters. Retrieved from https://www.ncei.noaa.gov/access/monitoring/dyk/billions-calculations

- Federal Emergency Management Agency. (n.d.). Disaster recovery FAQs. Retrieved from https://www.fema.gov/disaster/recover/faq

- Fixr. (n.d.). Cost of storm damage recovery. Retrieved from https://www.fixr.com/costs/storm-damage-recovery

- 1build. (n.d.). Commercial construction costs. Retrieved from https://www.1build.com/blog/commercial-construction-costs

- Cost Containment Advisors. (n.d.). Stabilization of construction costs after a hurricane. Retrieved from https://www.ccaco.com/blog/stabilization-of-construction-costs-after-a-hurricane

- Angi. (n.d.). How much does repairing storm or wind damage cost? Retrieved from https://www.angi.com/articles/how-much-does-repairing-storm-or-wind-damage-cost.html

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