Multifamily Operators: Are You Ready for the Next Disaster?
In 2017, Hurricanes Harvey, Irma, Maria and Jose wreaked havoc throughout Texas, Florida and Puerto Rico. The damage total from those storms topped $306 billion, according to federal government estimates. Multifamily properties were in the cross-hairs of those storms – and some of those properties, and their operators, are still struggling to recover close to a year later.
Though hurricane season actually began June 1, the most active time of year tends to be from late August to early October. In May 2018, during the National Multifamily Housing Council board meeting, experts suggested that apartment owners and operators recalibrate risk in the face of destructive storms – with one of those most important risks involving property insurance.
For example, private flood insurance ends up making more sense for apartment owners than the National Flood Insurance Program. The problem, however, is that not all operators can access private coverage. Other areas that need to be examined include physical flood mitigation measures.
For comments, questions or concerns, please contact Amy Sorter