What does my property insurance cover if there is a hurricane? 4:54 (CNN) — As Danielle weakened in the open waters of the North Atlantic early Saturday, another storm developed to the south near the Caribbean and may cause flooding in the US Virgin Islands and Puerto Rico. during the weekend. Tropical Storm Earl became the fifth named storm of the Atlantic hurricane season on Friday, forming 185 miles east of the Leeward Islands with maximum sustained winds of 40 mph, according to the National Hurricane Center. The storm is forecast to move west-northwestward, producing rainfall totals of 50 to 127 millimeters (2 to 4 inches) in the Leeward Islands, US and British Virgin Islands, and Puerto Rico this weekend. week, with isolated amounts up to 152 millimeters (6 inches possible). Tropical storm force winds are expected to remain on the north and east side of the circulation and remain offshore of these islands. However, “any shift to the south of the center of Earl would increase the risk of tropical storm force winds in those areas,” the hurricane center warned Friday night. Tropical Storm Earl is the fifth named storm of the Atlantic hurricane season. Gust gusts with embedded heavy rain could lead to limited flash flooding, particularly in urban areas, as well as small creeks in affected areas, according to the hurricane center. There were no watches or warnings in effect as of Saturday morning. Meanwhile, Danielle — far from any Atlantic coastline — showed no movement Friday night and is expected to remain mostly stationary through the weekend, according to the hurricane center. The storm had reached hurricane status but weakened to tropical storm strength with sustained winds of 70 mph (112 km/h) early Saturday. “While it is not known why the storm has weakened, one possibility is that the slow motion has allowed the cyclone to draw cold water under it,” the NHC said in its updated forecast discussion. It is possible for it to strengthen back to hurricane status Sunday through Monday. Danielle became the first hurricane of the Atlantic season and was the first named storm in the North Atlantic since July 3, the hurricane center said. The average date for the first hurricane of the season is August 11. Last month was the first August in 25 years that didn’t bring a single named storm in the Atlantic. CNN’s Haley Brink contributed to this report.