Hurricanes and tropical storms may cause significant damage to your property. If you live in an area at risk, make sure that you fully protect your home. According to the National Oceanic and Atmospheric Administration, hurricane season may peak from mid-August to late October. Renters and homeowners should check if they have enough insurance protection for the upcoming season now before it’s too late. Ensure that your policy is broad enough to protect you from any disaster.
If you are not sure if you have enough dwelling coverage, use a home insurance calculator. It can help you get an estimate of the replacement value of your home. Compare the said replacement value to your policy's coverage amount.
People who Rent
Your landlord's policy usually covers the whole building. Therefore, it is up to you if you want to protect the things inside your apartment.
The perils covered under your policy will depend on your provider. Usually, hail, lightning and wind damage are common in hurricanes and are usually part of the covered perils. But, it is a different story when it comes to water damage.
Flood insurance is usually not part of the coverage for renters insurance.
When there is water damage, matters tend to become more complicated. Standard policies in home insurance usually have coverage for water damage. An example of this is the breaking of pipes. Yet, if a flood destroys your home, you'll be in trouble if you don't have a flood insurance policy.
Hurricanes bring excessive rain and powerful storm surges. Flood is typical whenever these occur. Flood damages can cause massive destruction which also means greater expenses for you.
Special deductibles in hurricane
Whenever a storm hits your home, it may cause wind damage. When you file a claim, your policy may treat hurricanes separate from other perils. There may even be a special deductible for this.
The deductible is the amount that you agree to pay out-of-pocket in order to file a claim. Deductibles are usually $500 or $1,000 but can have a special deductible for hurricanes.
Most home insurance policies throughout Texas have wind and hurricane deductibles. They are not like the traditional deductibles that are set at a percentage of the value of the home. For instance, if your hurricane deductible policy is at 3% and the insured value of your home is at $300,000, then you might need to pay $9,000 out-of-pocket before your insurer takes care of things.
Details and percentages in hurricane and wind deductibles may vary. It depends on your state and provider. Call your agent if you don't know if you have a hurricane deductible.
Extra gaps in coverage
Aside from flood, other coverage gaps may be lacking in your home insurance policy related to hurricanes. One example would be there may not be enough protection for your items. Contents coverage can protect the items inside your home. Yet, it has limits. It is usually 50-70% of the house's insured value.
Compile a home inventory. Do this so you can be sure that your possessions will not exceed your coverage limits. This inventory can also speed up the claims process.
Some policies also limit the payouts for high-value items like artwork and jewelry. Talk to your agent so they can schedule endorsements. You can get full coverage for these things.
Always prepare yourself
Avoid waiting until there's a storm before thinking about insurance. Now is the perfect time to call your or find a new one who will work with you through all the details and limits of your policy.
At the Brad Spurgeon Insurance Agency we take windstorm and property insurance seriously, it’s our specialty. We make sure our clients throughout the state and especially here on the Gulf are well protected at prices they can afford. To learn more about how we can help you, please contact our agency at (409) 945-4746 or Click Here to request a free quote.