{"id":7328,"date":"2024-11-05T08:31:06","date_gmt":"2024-11-05T08:31:06","guid":{"rendered":"https:\/\/finderica.com\/its-worth-it-to-do-a-hurricane-season-insurance-check\/"},"modified":"2024-11-05T08:31:06","modified_gmt":"2024-11-05T08:31:06","slug":"its-worth-it-to-do-a-hurricane-season-insurance-check","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=7328","title":{"rendered":"It\u2019s Worth It to Do a Hurricane Season Insurance Check"},"content":{"rendered":"\n
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\"ScoreCard<\/p>\n

For most people, summer brings images of swimming and drinks by the pool. Summer also means the threat of hurricanes in certain parts of the country. So, should you do a hurricane season insurance check?<\/p>\n

The season kicks off on June 1<\/a> each year, and experts predict this year will be a doozy. While we can\u2019t tell you if this is accurate or not, we can help you get financially prepared.<\/p>\n

Hurricanes can cause damage to homes. This is why the National Oceanic and Atmospheric Administration recommends you call your insurance company before hurricane season starts. You\u2019ll want to understand the coverage you already have and decide if you need additional policies to cover gaps. Be warned, insurance companies will sometimes suspend new policies or changes to existing policies as a hurricane approaches landfall. It\u2019s important to understand your needs before it\u2019s too late.<\/p>\n

We\u2019ve gathered the insurance know-how you need to ask the right questions during a hurricane season insurance check. We\u2019ll also help you understand the answers so you know what to do next.\n<\/p>\n

When is Hurricane Season?<\/h2>\n

In the U.S., hurricane season runs from June 1 to Nov. 3o. This season mostly affects states bordering the Atlantic Ocean, Gulf of Mexico, or Caribbean Sea and often peaks between mid-August and mid-October.<\/p>\n

Hurricanes do technically occur in the Pacific Ocean. However, because of the atmospheric conditions of the Pacific Ocean, we rarely feel the effects in the continental U.S.<\/p>\n

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What to Ask During a Hurricane Season Insurance Check<\/h2>\n

In a hurricane season insurance check, the first thing to do is to make sure your home insurance policy is still active and the policy term runs through hurricane season. Letting your coverage lapse can be devastating anytime, but especially during hurricane season. Plus, insurance companies will sometimes refuse you coverage if you\u2019ve let your home be uninsured for a given period of time. So first and foremost, check you have insurance!<\/p>\n

Next, you\u2019ll want to understand what your current insurance covers and what possible gaps you have. We\u2019ve broken it down into four main questions to ask your insurance provider before hurricane season starts.<\/p>\n

1. Am I covered for all wind- and water-related damage?<\/h3>\n

A hurricane can leave a lot of damage in its wake, and most of it is caused by wind and water. While traditional home insurance policies often cover wind related damage, most have little to no flood protection. That\u2019s why it\u2019s important to understand exactly which of these damages your policy covers and whether or not you need to purchase additional protection.<\/p>\n

Wind Damage\u00a0<\/strong><\/h4>\n

Many home insurance policies provide coverage for wind damage. This means your policy should cover damage like a roof leaking from ripped off shingles or windows shattered by blown debris. While most policies do include this protection, there are some that don\u2019t, so it\u2019s worth asking.<\/p>\n

If you\u2019re one of the unlucky people without windstorm coverage, consider adding it. This might look like adding an endorsement through your current insurance company, getting a wind-specific policy on the private market, or, as a last resort, filing for a FAIR (Fair Access to Insurance) plan through your state. FAIR insurance plans are only offered in certain states and are specifically for people who cannot find insurance on the open market because of the risk of natural disaster at their location.<\/p>\n

Just remember that most new policies take 30 days to go into effect. So don\u2019t wait too long to sign up if you\u2019ve found your current policy lacking.<\/p>\n

Water Damage\u00a0<\/strong><\/h4>\n

While most home insurance covers water damage if connected to wind-related causes (i.e. your roof leaks because od ripped off shingles), many do NOT cover flood damage. Accordingly, if you live in a floodplain, you\u2019ll want to consider purchasing flood insurance.<\/p>\n

You can find flood insurance on the market through a private company or through the National Flood Insurance Program, which is managed by FEMA. National Flood Insurance is only offered in participating communities, but it\u2019s a good place to start to see if your local area is covered.<\/p>\n

Again, flood insurance usually has a waiting period of 30 days before it kicks in. You\u2019ll want to get coverage soon in order to be covered for hurricane season.<\/p>\n

2. What does my current policy cover if my house sustains damage?<\/h3>\n

Once you know what kinds of damage your home insurance policy covers, you\u2019ll want to understand what that coverage actually looks like. That means what kind of funds are available to you in the event of damage.<\/p>\n

All insurance providers use the same terminology to explain different ways you can receive financial help in the event of a disaster. It\u2019s important to understand those terms in order to make smart financial decisions.<\/p>\n

Dwelling Coverage\u00a0<\/strong><\/h4>\n

This is the set amount that insurance will give you to cover repairs and replacements if your home sustains damage. The dwelling coverage limit is the maximum amount of money you can receive if your home is deemed a total loss. This number should be clearly stated in your insurance documents. Do note that this number is based on the amount it will take to rebuild your home, not the market value of the home.<\/p>\n

Other Structures Coverage\u00a0<\/strong><\/h4>\n

Other structures coverage covers things not attached to the house. This might be a detached garage, shed or play structure. Normally this dollar amount is limited to 10% of the total dwelling coverage.<\/p>\n

Personal Property Coverage<\/strong><\/h4>\n

This covers the physical contents of your home like your furniture, personal belongings, computers, etc. This dollar amount is normally around 50-70% of the dwelling coverage, so if your home is covered at $400,000, you\u2019ll probably receive around $200,000 in personal property coverage.<\/p>\n

Additional Living Expenses Coverage<\/strong><\/h4>\n

If you incur any increased costs from not being able to live in your home, this will cover it. This might include meals out, hotels, furniture rental, clothes, etc. It\u2019s important to know this coverage amount because there is a limit to this windfall. Additional living expenses coverage is normally capped around 20% of your dwelling coverage, and while it might seem like a ton of money at the start, living outside of your home can get very expensive. Knowing this limit ahead of time can help you plan accordingly.<\/p>\n

3. What is my deductible if my house sustains damage?<\/h3>\n

A deductible for your home insurance policy is the amount you\u2019ll need to pay before insurance will begin to cover costs. Most standard home insurance deductibles are a set dollar amount like $2,000. In that case, when your home is damaged, you\u2019ll be expected to pay up to $2,000 up front before your home insurance kicks in.<\/p>\n

In states with high probability of hurricanes or tornadoes, however, you might also have a separate windstorm damage deductible. This deductible is in addition to your other standard deductible and only applies to damages caused by wind. Normally a wind specific deductible is listed as a percentage, ranging from 1% to 5%, instead of a set dollar amount. That means if you need to replace the roof of a home valued at $400,000, you\u2019ll be responsible to pay anywhere from $4,000 to $20,000.<\/p>\n

4. What proof is helpful when experiencing a total loss?<\/h3>\n

The final question we think you should ask during a hurricane season insurance check is all about streamlining the insurance claim process. When recouping your belongings after a total loss situation, the company will ask you to create an inventory of your personal belongings from the home. Creating an inventory of your belongings ahead of time can help eliminate stress after the fact.<\/p>\n

Ask your insurance agent what proof is best for this process. They might tell you to take a video of each room, copy purchase receipts or take photos of valuable items. While this won\u2019t bring your stuff back, it might speed up the reimbursement process significantly.<\/p>\n

Additional Policies to Consider<\/h2>\n

Once you\u2019ve done your hurricane season insurance check, it\u2019s time to protect yourself from any gaps. We mentioned additional wind or flood damage insurance, but there are other options that might make you feel more protected.<\/p>\n

Guaranteed Replacement Cost Coverage<\/h3>\n

This is additional coverage that helps if your dwelling coverage doesn\u2019t cover everything. Dwelling coverage covers repairs and replacements up to a certain set amount. While in theory this amount should cover the total replacement of your home, sometimes unexpected costs come up. Then you\u2019re left with the bill. In this case, guaranteed replacement cost coverage could be beneficial. Guaranteed replacement cost coverage will pay for the full cost of replacing the home even if it goes over the original quoted price. This additional coverage is normally extra and often costly but can save you money in the long run if something goes wrong.<\/p>\n

Additional Personal Belongings Coverage<\/h3>\n

Standard home insurance policies cover personal property up to a certain point. This limit is normally set around 50% to 70% of the total dwelling coverage. While this will cover most personal belongings, it might not be enough if you have more expensive purchases in your home like artwork or jewelry. In that case, you might want to consider additional personal belonging coverage. Additional coverage can help ensure you truly have enough to cover your personal belongings come replacement time.<\/p>\n

Comprehensive Car Insurance<\/h3>\n

So far we\u2019ve only talked about house insurances, but even if your car is parked in your garage, none of these products will protect your car in any way. In order to protect your car during hurricane season, you\u2019ll want to make sure you have comprehensive car insurance. Comprehensive car insurance reimburses you for non-traffic related damage to your car such as hurricane damage. This kind of insurance will protect your investment if your car is damaged by falling debris, strong wind or flooding during the storm.<\/p>\n

If you\u2019re looking for more practical tips to prepare your car for a hurricane, you might want to check out our Essential Hurricane Checklist for Your Car.<\/p>\n

What Else Should I Do to Prepare for Hurricane Season?<\/h2>\n

Obviously, insurance isn\u2019t the only thing homeowners should do to prepare for hurricane season. However, with the 30-day waiting period for new policies, it might still be the first thing you do!<\/p>\n

After your insurance is all squared away, here are a few other tips to be prepared before hurricane season begins.<\/p>\n

Create an Evacuation Plan<\/h3>\n

Hurricanes can make landfall fast, and a plan can help your family react quickly. You\u2019ll want to have an idea of where your family will meet, what you need to pack and where you\u2019ll evacuate to. Make sure to also consider alternate routes in case there\u2019s flooding.<\/p>\n

If you\u2019re planning to stay at a local evacuation shelter, you also might want to call ahead to understand the shelter\u2019s rules. Some shelters don\u2019t take animals, for example. If you\u2019re wondering how to tackle planning for a hurricane without breaking the bank, check out our tips on evacuation.<\/p>\n

Pack an Emergency Kit<\/h3>\n

A quick grab-and-go emergency kit can save you a lot of time during evacuation. We suggest that you have two kits: one in your car and one in your home. Some things to include in each might be water, blankets, a phone charger, road maps, a change of clothes and flashlights. Preparing a kit ahead of time means you won\u2019t be fighting the crowds at the supermarket the day before a hurricane hits. While packing an emergency kit can sometimes be expensive, we\u2019ve got tips to help if you\u2019re looking for a more affordable option.<\/p>\n

Find and Copy Important Documents<\/h3>\n

Another way to save yourself worry come hurricane season is to have important documents copied and packed in your go bag. The last thing you want is to be scrambling to find these papers as you evacuate. You\u2019ll need documents like your IDs, birth certificates, insurance papers, deeds and medical insurance cards. While you might be tempted to simply have digital copies, hard copies are more reliable backups in case of power or service outages.<\/p>\n

Physically Prepare Your Home<\/h3>\n

Our final tip is our most practical: physically prepare your home for the storm. Here are a few of the things you can inspect and fix right away:<\/p>\n