Experts are forecasting high chances of an above average hurricane season this year. This year’s season which started on June 1st, could converge with a variety of other factors impacting Long Island property owners.
Predictions For 2024 Atlantic Hurricane Season
The National Oceanic and Atmospheric Administration’s (NOAA) forecast for this storm season includes:
Named storms: 17-25
Hurricanes: 8-13
Major hurricanes: 4-7
This is nearly double an average year, and almost on track for a record setting year for tropical storms and hurricanes.
The GameStop Housing Rally
Housing prices seem to be following the meme stock GameStop, and the comic cryptocurrency, Dogecoin these.
According to the Long Island Business Network, local housing prices have hit a new average high.
Firstly, this means that there may be a substantial gap between your homeowners insurance coverages, and the current paper value of your property on Long Island.
Suffolk County is now at $632k, and Nassau County at $749.5k.
Be sure to revisit your insurance policies, and be sure you have the right coverages for hurricane related issues. Like wind and flood. As well as the amount of coverage to protect your equity, and cost to replace your home.
Note that by challenging and lowering your annual property taxes, you may find the extra funds to cover any increases in insurance premiums.
The Perfect Storm?
While some stocks and house prices appear to be soaring, the current reality of the economy suggests that there is little real foundation and support for these trends.
Consider that discount chains like Ross think it is a good time to come to the Long Island market, and financial distress has been growing to record levels. Auto loans, credit card debt, and other debt performance, as well as consumer shopping trends suggest people are out of money, and are struggling to keep up with high living costs.
So, not only are we bracing for a record setting storm season, and higher property taxes this year, but an economic storm, with plunging housing prices is not unlikely either.
Now is the time to tighten up finances and get ahead of this.