Hurricane season is quickly approaching, but is your insurance policy ready? While it’s too late to update your policy after a hurricane hits, you can review your insurance policy before hurricane season to ensure that you’re covered.
Be on the lookout for these three important details for hurricane season outlined in your insurance policy.
If you live in a coastal area in Florida or elsewhere, your insurance policy might have a different deductible for hurricane damage based on a percentage of your home’s value. If you’re not sure if your policy is structured like this, it’s not a bad idea to call your insurance company just to make sure.
You don’t necessarily want to increase your hurricane deductible just to lower your monthly payment, because this could end up costing you much more in the long run if you need to file a hurricane insurance claim.
Some insurance companies will offer discounted rates if you equip your home with certain stormproof features like reinforced shutters or special straps to help prevent major roof damage in the even of a storm.
[pullquote]There is a 30-day waiting period before federal flood insurance kicks in.[/pullquote]
Damage caused by floodwaters can be a headache for homeowners because most insurance policies do not cover flood damage. If you live in an area susceptible to hurricanes or flooding, you may want to open a separate flood insurance policy either through the National Flood Insurance Program or a private company to make sure you’re protected.
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