Hurricane insurance: Now is time to check policies, here’s a checklist

Aug. 30--Now, not after a hurricane watch or warning is posted, is the time to print out a copy of your insurance policy. It's the time to make sure you have money available to cover a hurricane "deductible," the amount you might have to pay before insurance kicks in. It's the time to talk with your agent about anything you don't understand or changes you might want to make.

Insurance companies "have been steadily increasing hurricane wind coverage deductibles and imposing other homeowners insurance policy limitations," said Robert Hunter, a former Texas insurance commissioner and director of insurance for the Consumer Federation of America. "This shift of costs to consumers under homeowners insurance policies may take some by surprise, since disclosures are often buried in renewal paperwork that consumers may not understand or even read."

Those who want to check out the status of their property insurance company can access a helpful tool: The Palm Beach Post's exclusive and award-winning insurance guide at myPalmBeachPost.com/insuranceexplorer.

The insurance guide offers multiple financial ratings and complaint information analyzed by the newspaper on more than 100 companies serving the state.

At least two Florida insurers with more than 20,000 customers each have entered into agreements to go out of business for financial reasons since May, with plans to move their policies to other companies.

It's also a good time to consider flood insurance, though there's typically a 30-day waiting period for it take effect, federal officials caution.

The federal flood insurance program covers damage from water that enters your property from the ground, either from excessive rains or from overflowing canals or rivers.

If a storm blows your roof off and water pours in from above, your standard homeowner policy typically covers that damage.

Federal disaster aid, if granted, can cover some emergency housing and repairs, but is not designed to return a home to its original state, the Federal Emergency Management Agency says. In some cases homeowners can apply for government loans that must be repaid.

"FEMA does not pay to return your home to its pre-disaster condition," the agency says. "FEMA provides grants to qualified homeowners to repair damage not covered by insurance, but these grants may not pay for all the damage."

How do you buy flood insurance? Some private companies have begun underwriting flood policies, but most policies come from the government's National Flood Insurance Program. Your insurance agent can help you buy it, or try the NFIP's call center at 1-800-427-4661 to request a referral.

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