If you live on the coast anywhere in Florida and you own real property, whether it is your primary residence, second home or investment property, the hurricane season is when homeowners collectively hold their breath. The equity in these properties is likely to be your largest asset, and for six months of the year your equity is a sitting duck.
The fact that we’re being told that the Atlantic hurricane season is expected to be below normal due to competing factors doesn’t make me feel substantially relaxed. El Niño is expected to develop and intensify during the hurricane season, while ocean temperatures in the Atlantic are expected to be slightly warmer than normal and trade winds are likely weaker than average. So, fewer hurricanes, probably more rain, and the danger of taking our eye off the ball.
NOAA (the National Weather Service) is predicting a below-normal hurricane season, with eight to 14 named storms. Three to six storms are forecast to become hurricanes and one to three storms could be major hurricanes. Remember, the Atlantic basin covers the eastern seaboard from as far north as Massachusetts to the southern tip of Florida and up the Gulf Coast of Florida. It’s a big territory for one of the one to three major hurricanes to hit, but we never know where it will decide to cause havoc to our property.
Us veterans of hurricane season all know about an evacuation plan and a place to meet if you become separated from your family members. We know about having food, medications, first-aid kits, flashlights, batteries, radios, cash and a change of clothes. We know fresh drinking water is something we frequently take for granted, but if the water pumps stop working in a big storm, you need to prepare ahead. Fill plastic water bottles for drinking, fill the tub for washing and empty the refrigerator of perishables, especially uncooked meat.
However, there are items we sometimes overlook. You won’t forget the baby’s formula or the puppy’s kibble, but you might overlook your property deed as proof of ownership.
Your safe-deposit box or go bag should also include your birth certificates and marriage certificate, passports, Social Security cards, medical insurance cards, wills, one or two tax returns, property insurance policies, automobile insurance policies, a copy of your driver’s license and the name of a contact at your financial company. If you have a folder for home improvements, grab that as well. You’ll be glad you did if your new kitchen is flooded.
And don’t dismiss the importance of having pictures or videos of your properties. If you have more than one property, you need to do this well ahead of an oncoming storm.
This might sound like a lot to do when evacuating, especially if you’re getting your property ready and getting the kids organized, but it is crucial in the event of property loss. I know we’re two months into the hurricane season, but I felt a little reminder can’t hurt as we approach the typically busy hurricane months.
Don’t get too comfortable with NOAA’s 55% chance of a below-normal season, as they may not be doing us a favor. I’m not impressed with mountains: the Rockies are beautiful and the Grand Canyon is spectacular, but I would not want to live there. Nevertheless, this time of year I wonder why between June 1 and November 30 we live where we do. Be prepared, protect your equity and exhale on November 30, when hurricane season ends.
