From June 1 to November 30, it’s hurricane season every year. Ideally, you’ll want to make sure that your home insurance is ready in case you get hit. To do this, you should review your policy on an annual basis before June. We’ll outline several ways you can make sure your home insurance policy is ready to help you ride out any storms that come your way.
Take a look at your insurance policy and make sure that you have enough coverage to rebuild your home if necessary. A number of factors will help decide the cost associated with extensively repairing or rebuilding your home, and the real estate value of your house is different than the cost to rebuild it. Make sure you know who much it’ll cost to rebuild your home in the event that a hurricane destroys or severely damages it.
Companies that offer home insurance in coastal states ranging from Texas to Maine have separate deductibles for windstorms or hurricanes in their policies. You’ll find it on the front page of your policy under the Declarations section. A windstorm deductible encompasses any type of wind, while a hurricane deductible encompasses only hurricanes. If you notice that your policy has a deductible for hurricanes, it’ll spell out what trigger causes this deductible to go into effect.
Hurricane or windstorm deductibles usually end up as a percentage on your policy rather than a dollar amount. It could range from 1% to 5% of your home’s structural insured value. Since Florida is prone to hurricanes, you could have a hurricane deductible that has a higher percentage attached to it. You could potentially pay more in premiums to lower your deductible amount, but this depends on your insurer.
Since a windstorm or hurricane riders have deductibles attached to them, they will impact your insurance payout’s bottom line. If you decide to go with a high deductible amount for your windstorm or hurricane coverage, try to put aside the additional money you might need to help rebuild your house.
Did you know that standard home insurance policies give you coverage for theft, wind, hurricanes, lightning strikes, explosions, fire, and other disasters Every policy also has exclusions on it. These are events your home insurance policy won’t cover. Flooding is one such example, and many people underestimate this risk. However, most hurricanes bring flooding with them. If your home is in a hurricane-prone area or in a flood zone, adding a flood insurance policy is essential.
Another common thing many insurance policies exclude is sewer backups, and flood insurance won’t cover it either. This is a good policy to add if you live in hurricane-prone areas in Florida. Take time to get a good understanding of all of the exclusions your home insurance policy has. This way, you’ll be ready to pay out of pocket for any damages that your policy won’t cover, or you can talk to your insurance agent about your coverage options.
If you’re a person who owns a condo or a co-op apartment, make sure that you touch base with your management company and know the bylaws. This will help you understand what damages you have to prepare for with your condo owners or co-op insurance policy and what the building’s master insurance policy will cover.
Imagine how much it would cost you to buy all of your clothing, furniture, and personal items again. No matter if you have renters insurance or homeowners insurance, your home insurance policy has protection in place to cover your possessions against hurricane damage or total losses. Take an inventory to find out an approximate value of all of your possessions.
Take time to create a full inventory that lists all of your items and how much they cost. This will show you at a glance if your insurance policy has enough coverage to encompass the cash value of the possessions or their replacement cost. Additionally, this list can help push your claims process through quicker, and it’ll give you a proof of your losses for disaster aid or taxes.
Every year, sit down and do a full review of your insurance policy to make sure you have enough coverage. Most policies give you between 50% and 70% of the insurance amount you have on your home’s structure. If you rent your home instead of own it, your landlord’s insurance will only cover the home’s structure. You’ll need to take out renter’s insurance to protect any possessions you have against damage or loss.
Additional living expenses will help to cover the cost you incur if you need to live somewhere else if a hurricane or another type of disaster makes it impossible to live in your home. This coverage will pay for bills like restaurant meals, hotel bills, and more while your insurance company rebuilds or repairs your apartment, condo, or home. There is usually a maximum cap for this coverage, and it caps out at around 20% of your home’s structure insurance coverage total. Most standard renters insurance also have this coverage included in the policy.
Don’t want until a hurricane strikes to wonder if your insurance policy is hurricane-ready. Take steps to review your policy and check for the items we outlined. If you’re ready to change or add to your policy, Nsure can help.
We help people save up to 45% on their annual premiums, and we make it easy to compare quotes from over 40 top-rated insurance companies. You can browse through the various offers and purchase your new policy in minutes. The app makes it quick and easy to buy and review your policy. You can reach out and contact us with any questions.