In the aftermath of Hurricane Helene, property damage could reach up to $26 billion, according to Moody’s Analytics.
Impacted by hurricanes or not, it is always important for homeowners to understand their insurance policies to make filing potential claims easier.
Helene was the first major hurricane of the 2024 season to make landfall in the United States. The storm impacted the Big Bend area and caused widespread damage in Georgia, western North Carolina, eastern Tennessee and Virginia.
FSU Dr. William T. Hold Associate Professor of Risk Management and Insurance Charles Nyce is an expert in catastrophic risk financing. He has authored several articles on a variety of risk management and insurance topics. Nyce joined the Florida Catastrophic Storm Risk Management Center in 2009 and previously served as its associate director.
Nyce is available to speak to reporters on the insurance implications of hurricanes and can be contacted at cnyce@business.fsu.edu.
Charles Nyce, Dr. William T. Hold Associate Professor of Risk Management and Insurance
cnyce@business.fsu.edu
“One piece of advice is trying to understand what insurance they had and what is covered. For many homeowners, they do not understand that homeowners’ insurance does not cover flood. For many properties in Florida, damage from Hurricane Helene was generated by flood (storm surge or rising river/stream waters). Flood insurance is a separate insurance policy sold by the National Flood Insurance Program and some private insurers. Make sure homeowners talk to their insurance agents to make sure they are pursuing coverage under the proper insurance policies.
“Also, homeowners should work quickly to ensure they undertake steps to prevent future damage. There is the possibility of another storm forming in the Gulf of Mexico as we speak. If damage has been sustained, homeowners should work to ensure that they are prepared for another possible storm.”
About the Dr. William T. Hold/The Alliance’s Program in Risk Management and Insurance
The department’s Dr. William T. Hold/The Alliance’s Program in Risk Management and Insurance recently maintained its No. 4 spot on U.S. News & World Report’s top public and private RMI programs. It is one of the largest programs in the nation, with close interaction among students, faculty members, alumni and the business community continuing to be one of its hallmarks. The department is housed in FSU’s College of Business.
The Risk Management/Insurance, Real Estate & Legal Studies Department works with the FSU Real Estate Center Executive Board and the Risk Management and Insurance Executive Council to keep its curriculum relevant, provide a forum for the exchange of ideas and offer opportunities for students to network with industry executives.
For more information on the RMI program, visit business.fsu.edu/departments/rmirels