What are some of the most important natural disasters homeowners should be concerned about in 2010 and why?

Undoubtedly, water damage and fires are the most common damage for homeowners. It is important to understand the differences between flooding and water damage; they are two different types of losses and thus covered two separate ways by insurance companies. Flooding is considered rising water from the outside, and is considered a category 3 water loss (also called black water). This type of disaster is typically in addition to your normal homeowner’s coverage. An example of general water damage would be a supply line breaking, roof or windows leaking, etc.

Why is this problem especially prevalent or worrisome this year or next?

As people try to save money, homeowners and investors choose to skimp on necessary repairs in order to prolong the use of a specific appliance or part. This, in turn, only increases the risk of failure. One area people fail to do is buy flood insurance. Low cost, and vital if flood occurs which happens in a Tropical Storm. Summer is vacation time, and people fail to turn off their water while traveling.