Hurricane Season Insurance Checklist
Hurricane season officially began June 1st. You may have mapped out your evacuation route but have you reviewed your insurance coverage to make sure you are properly protected? Here are a few things to consider:
Check your policy limit; is it enough to rebuild your home? Remember, the real estate value of a house is not the same as the cost to rebuild.
Consider these homeowners coverages and check your limits:
- Guaranteed Replacement Cost – pays the full amount to rebuild your home whatever the ultimate cost.
- Ordinance and Law Coverage – pays a specified amount for rebuilding to new building codes, should your community adopt stricter codes. Older homes may need more coverage.
- Coverage for screened enclosures - Some companies include this coverage, others may add it by endorsement. Make sure you know what coverage you have and what limit applies.
- What is your deductible - this should be is stated in your policy. Policies often have different deductibles for hurricanes and all other perils.
Don’t forget about Flood Insurance:
Consider this: for any property in Florida: 80% of all flooding occurs in areas that are not deemed special flood hazard areas. There is a 30 day waiting period for new coverage so if you're your buying a new home in Florida, don’t wait until the last minute to apply for homeowners insurancw. There are exceptions for mortgage related transactions. National Flood Insurance Policies provide coverage for up to $250,000 on the structure and $100,000 for personal possessions. If you want a higher amount of insurance, consider getting excess flood insurance which is available from private insurance companies.
Make a home inventory
Photos or a video of each room could be helpful should you suffer hurricane damage. This is particularly important if you have valueable furniture, jewelry or artwork.
If you need more information or have specific questions, please contact Candace Wagner with Fletcher Stein Insurance in Jacksonville Beach, Florida