Hurricane Season: Is your property covered?
July 7, 2018
Hurricane Season: Is your property covered?
By: Jess Webb [[email protected]]
The most common mistake property owners make when purchasing homeowner’s insurance is that hurricane insurance doesn’t come automatically. It is a separate policy that property owners must purchase to protect their assets against property damage or loss due to hurricanes. Keep your property and sanity in check by asking yourself the following questions:
Does my property insurance cover storm-related damages?
Homeowners insurance will provide for some damages from hurricane winds. However, devastating flooding due to hurricane is not typically covered in a property insurance policy. Homeowners need to elect to obtain a flood insurance policy for coverage on this type of damage.
How does flood insurance work?
Two different types of flood insurance exist; one policy for businesses and one policy for personal property. The different types of policies range for coverage for damages to personal item as well as structural damage. Prices vary depending on your property location.
Are any options available for an uninsured whose property is damaged?
If the president declares a state of emergency, after your property endures property damage, you may apply for disaster assistance with the U.S. government. Additionally, FEMA provides temporary relief for families, which can be used for repairs, renting a place to live, or other disaster-related expenses.
Review your homeowner’s insurance policy
Property owners need to review their current property insurance policy to check if it covers hurricane damage from strong winds. Insurance companies offer discounts for property improvements such as hurricane shutters and other mitigating improvements.
Make sure you don’t delay in purchasing a policy
It’s important to purchase this policy before the hurricane season is in full swing. Many insurance companies will stop offering policies for sale when a storm is named. At the end of the day, you need to determine whether the risk of hurricane damage in the area you live in justifies the expense to purchase additional protection from damage.