In 2005, Hurricane Katrina devastated the Gulf Coast, causing an extensive amount of property damage, and researchers say warming temperatures could increase the number of storms with magnitudes similar to Katrina in the future.

The possibility of more extreme storms should cause flood insurance to become a priority for homeowners living in areas that could be affected by a hurricane.

According to findings reported in the journal Proceedings of the National Academy of Sciences, should temperatures continue to warm, the number of storms with the strength of Katrina could at least double in frequency.

With every 1.8 degree Fahrenheit rise in global temperatures, the risk can increase even more. By the end of the 21st century, scientists project global temperatures will rise between 3.6 degrees and 10.8 degrees Fahrenheit.

To help determine how many extreme hurricanes higher temperatures might cause, Aslak Grinsted of the Center for Ice and Climate at the University of Copenhagen and his co-authors, studied storm surges, which typically create the most damage during these storms.

"When people talk about hurricane intensity normally, then they mean wind speed," Grinsted said. "But that is not what is causing the most damage only. Sometimes it's about how fast it is traveling."

Major storms cause extreme property damages He added that this was the reason why Hurricane Sandy was so damaging, as it traveled so slowly and spanned a wide area, which allowed it to cause extensive damage despite wind speeds dying down at landfall.

Steve Weisbart, I.I.I. chief economist, said projected Sandy insured losses will be $20 billion, which would put it in-between Hurricane Andrew and Hurricane Ike.

In the past, there have been many storms that have caused billions of dollars in insured losses.

• Hurricane Katrina: $48.8 billion
• Hurricane Andrew: $25.6 billion
• Hurricane Sandy: $20 billion
• Hurricane Ike: $13.4 billion
• Hurricane Wilma: $11.1 billion

With the threat of more storms that could cause billions in losses, home and business owners alike may want to consider being proactive and purchase flood insurance. People in areas that haven't been affected by a hurricane in the past might also want to consider obtaining insurance, as the past can't predict the future and flooding could occur.