Now is the time to evaluate your hurricane insurance. It isn’t as simple as you think.
The biggest mistake people make in choosing disaster insurance? Under-insuring their assets.
"I always tell people to buy enough insurance to replace their homes or assets," said
Another mistake? Foregoing the advice of a knowledgeable independent insurance agent.
"Don't let your real estate agent choose coverage for you," said
There is no catch-all insurance policy to protect your home from a hurricane, and determining what you need can be daunting. Homeowner insurance policies differ from person to person, company to company.
"Just because a homeowner has homeowner insurance doesn't mean that everything is covered," said
Supplemental windstorm policies are needed for storm damage to roofs and belongings inside a house or apartment. If you carry a mortgage, such coverage is likely required.
Flood insurance covers damage from storm surge; it also is required by your mortgage company if you live in a
If you belong to a homeowners association, the outside of your property should be covered by the homeowners' association policy, said
"It's important for owners and residents in those communities purchase homeowner's insurance," said Cruz, "as it will cover any damage inside units like furniture, electronics or paintings." If you're a renter, the unit-owner isn't responsible for your personal property; you'll need renters' insurance to cover your belongings.
If you are unsure of what's on your policy or think your coverage is inadequate, Weisbein and Alvarez recommend getting another opinion from either an independent agent or brokerage firm.
Here are some questions you should consider:
* What is your deductible? Typically having a higher deductible means a lower insurance payment. The bad news: If you get hit by a storm, your policy won't pay until the amount of damage exceeds that deductible.
* With seas rising, should you consider flood insurance even if it isn't required by your mortgage holder? Weisbein says yes, especially in
* Is your insurance company financially sound? Check the website for Weiss Ratings, an independent ratings company, which recently ranked
* Is your insurance company licensed and regulated in
* Do I need to insure my business? If you're a business owner who leases space, you need to cover the contents of your workplace, like computers and other equipment. Also, Alvarez recommends buying cost of business interruption insurance, which covers the cost of relocating, rent and lost revenue in case of damage to one's business.
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