The 2019 hurricane season is upon us, and many homeowners are still recovering from the catastrophic storms of 2018.

Last year, the United States experienced 11 natural disasters that each caused more than $1 billion in damage, according to data from CoreLogic. This includes the Category 4 Hurricane Michael, which battered the Florida panhandle, and Hurricane Florence, which caused widespread flooding in parts of the Carolinas.

The 2018 hurricane season was the third back-to-back season of above-average Atlantic hurricane activity, and the first since 2008 to have four named storms active at the same time (Florence, Helene, Isaac and Joyce).

Flood damage caused by Florence is expected to reach nearly $28 billion, but that doesn’t really speak to true price paid by individual homeowners who endure these storms. After a natural disaster, affected homeowners must juggle the costs of temporary housing and repairs while making their regular mortgage payments. This causes many to fall behind on their mortgages and into delinquency, and eventually face foreclosure.

“The disruption of a family’s regular flow of income and payments, as well as substantial loss in property value, can trigger mortgage default,” said Frank Nothaft, Chief Economist for CoreLogic. “Especially if homeowners are underinsured and cannot afford to rebuild.”

That’s why a new report from the Urban Institute, which notes that the effects of natural disasters on borrowers can grow over time, calls for lenders and government-sponsored enterprises to update existing mortgage delinquency and foreclosure policies to account for the financial burdens of these events.

The 2019 Atlantic hurricane season, which began on June 1, runs until Nov. 30. What can we expect?

Scientists at Colorado State University have predicted a slightly below-average hurricane season. They project we’ll see 13 named storms in the Atlantic Ocean in 2019, 5 of which they expect to become major hurricanes that reach Category 3 or higher. (By contrast, 2018 brought a total of 15 named storms, including 8 major hurricanes.)

In May, the National Oceanic and Atmospheric Administration (NOAA) released its forecast, predicting the season would be near-normal, with a 30% chance of an above-normal season and a 30% chance of a below-normal season.

With a milder hurricane season forecasted, homeowners and servicers can expect lower damage risk. But natural disasters driven by climate change — including hurricanes, tornadoes, and wildfires — still pose a significant risk.

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