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Yardi Corom
We are amid yet another hurricane season. (Along the east coast and the Gulf of Mexico, Hurricane season runs June through November). As recent history has taught us, locations that rarely experienced damages in the past are now at notable risk. The resources below can help owners of mixed portfolios take precautions to reduce risks to occupants and property.
Rising Risks
Overall, the cost of hurricane season has increased over the past several decades. Cost increases are beyond the normal adjustments for inflation. Storms are causing more widespread damages for a complicated combination of reasons.
Data sets from the National Oceanic and Atmospheric Administration (NOAA) and Environmental Protection Agency (EPA) suggest that warmer oceans fuel stronger hurricanes. Rising sea levels also contribute to more catastrophic flooding. Poor graywater management and diminishing green spaces broaden flood zones and prolong the time it takes for floodwaters to recede.
What might this mean for you? Properties outside of recognized flood zones face greater risks than they did 20 years ago. Properties that were not impacted by hurricane winds before may now need additional protections. Fortunately, it’s not too late to minimize risks to your properties and their occupants.
Advanced Preparation
Take time to review your insurance information. Ensure that your property is up to date on insurance coverage that includes flood protection. This will cover your property whether it is in the direct path of the hurricane or areas that experience flooding related to a far-off storm.
Category 1 and 2 hurricanes sustain winds of 74-110 mph, per the Saffir-Simpson Hurricane Wind Scale. Be sure that your plan for storm damage includes winds of at least 74 mph for the most complete coverage.
Hurricane Preparation to Reduce Risks to Mixed Portfolios
Preparation is key to reducing damage to property. Hurricane preparation tips for property managers can minimize property damage due to hurricanes and flooding.
It may be in your best interest to require renters’ insurance from your residents. This requirement can help to restore order to your property after the storm has passed. Additional hurricane preparedness tips for multifamily help to protect your property and its residents before and during a hurricane.
Senior housing, especially housing that requires skilled nursing assistance, must take additional precautions. Check out our post on hurricane readiness for senior housing for details on safety protocols and emergency response.
After the storm, your revenue management system can help you get properties back on track. Yardi revenue managers ensure that the automated system fulfills its potential regardless of external circumstances. Explore how Yardi disaster response can support you.
