Do You Have It?

If a hurricane is coming, you might put up shutters and buy some extra water and call the hurricane preparedness successful. But what happens when you have unforeseen damage: like a tree falling through your window? You might already be covered for some hurricane damage in your insurance policy.

There hasn’t been a hurricane in south Florida for quite some time. If it’s out of sight, it is out of mind, and many new Florida residents have not even experienced one yet. But during the years of 1994-2013, hurricanes and tropical storms that affected the US caused $159.1 billion in insured losses. Because of so much of the unexpected money the insurers had to cover, they changed the policy from dollar deductibles to percentage

Reviewing Insurance Policy

Damage from hurricanes may be covered from private homeowners insurance, under hurricane insurance but flood damage is completely different. Flood damage is not covered from homeowners insurance but any damage from the wind will be covered. Most policies are covered by a percentage. A small percent will be covered, the average being 3%. If you want any water damage to be covered, only Flood Insurance will cover that type of damage. “Most policies’ hazard coverage doesn’t include business equipment, damage caused by natural disasters, or loss of art or jewelry over a certain amount. You will want to purchase additional insurance if your house is in a high-risk area for fire, floods, earthquakes, or other natural disasters or if you have expensive art, jewelry, or business equipment at home.”

Do You Need It?

When a hurricane does roll around to your home town, you should refresh of your homeowners policy to see what you are and what you aren’t covered for. Damage is covered by your homeowners insurance but only a small percent since so much money had to be paid by the insurers from the previous popular hurricane seasons. There are other types of damage insurance to purchase if you have an expensive outside property that you don’t want to pay for if it gets damaged.

“You can purchase flood insurance from your broker or agent through the National Flood Insurance Program (NFIP), which is managed by the Federal Emergency Management Agency (FEMA). Flood insurance is available to any homeowner who lives in one of the many NFIP-participating communities (which have agreed to pass and enforce certain storm water and flood plain management laws).”

The type of damage covered is different for each insurer whether it be hurricane insurance or damage from other incidents. If you have a mortgage on a house it is usually mandatory. If you own the house it is optional. It is always good to know what you are and aren’t covered for in the event of an emergency.

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