2020 marks the sixth consecutive year with 10 extreme weather events, which is also a record, according to the National Oceanic and Atmospheric Administration. The 10 storms include tornadoes, damaging winds and hail. Seven of the 10 storms occurred in the South or Southeast, where an Easter Sunday tornado outbreak of 190 tornadoes killed 36 people.
“If you have a $1 million home and you do not increase your replacement costs for inflation for three years in a row, you could be underinsured by $200,000. Not many homeowners could afford that.” –Ian Hanson, Associate Vice President, Underwriting Director, Personal Insurance, Burns & Wilcox, San Francisco, California