What You Need to Know About Hurricane Insurance
June 23rd, 2014
First, before you ever sign a policy for hurricane insurance, be sure you understand what it actually entails. Even if a broker explains it will provide you with $200,000 worth of coverage that number doesn’t mean a lot when you don’t understand what it entails. There could be a lot of stipulations waiting to surprise you at the most inopportune of times.
Consider what happens when a hurricane hits. Most homes could do with some form of flood insurance. Conventional homeowners insurance doesn’t cover it though. Obviously, any tropical storm is going to bring with it the risk of flooding, whether by the massive amount of rain that comes with it or the potential for pipes breaking when your home’s infrastructure is compromised.
Be sure it covers wind damage as well. High-risk areas don’t always cover this in their normal homeowner policies either. It goes without saying you’ll be at risk for wind damage when a hurricane is in the forecast.
Now, your homeowner’s policy should cover you if you take on temporary living expenses because your home is no longer fit to live in. If you’re not sure if your policy provides this feature, be sure to check now. Your flood insurance policy will not have this type of coverage.
Renters aren’t immune from the need for insurance either. They don’t need homeowner’s insurance obviously, but there’s a similar type for renters. Unfortunately, the insurance your landlord has won’t cover you if a hurricane damages your property. The good news is that renters insurance is far more affordable than the kind home owners will have to pay for and can cover just about everything valuable you own.
While we’re getting close to hurricane season, it’s never too late to check in on your coverage and confirm you have all the necessary forms. Insurance agencies may be lenient to issue you new policies this close to the season, but it’s still good to know and make an appointment for securing whatever coverage you’re missing.