Storm Warriors: Insurance Policies Basics
Between preparing for the things that we can see, sometimes we forget about the things that we don't. In this case, your insurance coverage is highly important to review before a storm hits. Not only might your be entitled to compensation during the storm but surely it's important for after it. Here are some things to check off your list:
1. Check the policy limit to rebuild or fix your home.
Standard homeowner's insurance should cover disaster damage to a certain extent but check just how much that will be is important. If it doesn't match up to what you think it will take to rebuild or to fix your home in case a hurricane blows over, then it's time to reconsider your insurance. It's important to note that real estate value is not the same as the price to rebuild. There are a lot of factors to correctly estimate this and we can get into it in another blog.
2. Check your deductible.
There are usually separate deductibles for hurricanes and windstorms that only go into effect for those specific storms. This should be stated in the Declarations page of your policy. Reviewing this will inform you of the specifications of when this policy will go into effect. Usually the deductible is a percentage of the overall insured value of the structure instead of an actual dollar amount.
3. What disasters are covered and which are not?
While your insurance might cover hurricanes, it might not cover flooding. This is a common exclusion and something tend to catch people by surprise. Normally, many people associated hurricanes with flooding; however, in the legal world they might be considered different. Make sure to review the exclusion list equally as well as the inclusion list for coverage.
We hope these tips are helpful to you. At AJS, your family's safety is our family's utmost concern. If you feel like your home or business is in risk of flood, contact our knowledgeable team to see how lifting and moving can benefit you and your assets!