$1.790 trillion. That’s what the damage the 273 weather and climate disasters the United States has experienced since 1980 have cost property owners and insurance carriers. Already this year there have been 10 weather/climate disaster events resulting in over $1 billion in losses. If your association does not routinely review insurance coverage or have disaster preparedness and response plans in place, or it’s been awhile since they’ve been updated, now is the time to make sure your association is ready in the event of a hurricane, tornado, earthquake or other major natural disaster. Here are three tips to help you prepare.
3. Create a post-disaster plan – Recovery can be a stressful, costly and time-consuming endeavor. Having a post-disaster contact list including board members, management, insurance agents, insurance adjusters, attorney, engineers and contractors will go a long way in getting your association and its members on the road to recovery. It’s also important to start a regular cadence of communications with owners to keep them updated on recovery efforts. Too little communication or incomplete communications can lead to disputes with owners.
No one can predict if and when a natural disaster will occur and what kind of damage it will result in but associations who take the time to prepare by regularly reviewing insurance coverage and creating and keeping updated pre- and post-disaster plans will be able to better safeguard their association and its members from financial devastation.