2024's sure-to-be-harsh storm season is underway.

Tropical Storm Debby is making its way up the East Coast. Populated cities such as Baltimore, Washington D.C. and New York City are at risk of floods.

The Forecast: The National Oceanic and Atmospheric Administration issued an update for Storm Debby on Thursday morning.

The storm made landfall in the Carolinas early Thursday morning, triggering flash flood warnings in Charlotte, Raleigh, Greensboro and Winston-Salem. According to AccuWeather, "catastrophic flooding" could result from over two feet of rain in some areas.

The storm's path will move upward through Baltimore and Washington D.C. on Friday. It will then turn upward toward Harrisburg and Scranton, Pennsylvania and Upstate New York.

While Philadelphia and New York City are not directly in the storm's predicted path, the major population centers are at risk of flooding.

Why it Matters: Several publicly traded companies are affected by the increasing prevalence of storms and extreme weather due to climate change.

Insurance companies Allstate Corp (NYSE:ALL), Travelers Companies Inc (NYSE:TRV) and Progressive Corp (NYSE:PGR) may see increased claims for property damage following periods of extreme weather.

Generac Holdings Inc (NYSE:GNRC), the largest manufacturer of home generators, may see demand increases. Power outages can result from storms.

Dominion Energy Inc (NYSE:D) and Duke Energy Corp (NYSE:DUK) are two of the largest utility companies in the most affected areas.

Home improvement giants Home Depot Inc (NYSE:HD) and Lowe's Companies Inc (NYSE:LOW) usually see increases in for building materials and equipment as people repair damaged properties.

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