21 Jun Know Your Coverage: Hurricane Season
With hurricane season upon us, it is of the utmost importance to understand the in’s and out’s of your insurance policy. Home is not only where the heart is, but most likely where the money is too. Knowing what you’re protected from and what you’re not is key to finding the right policy.
The major problems that come with hurricanes are wind and water. Floods are not covered by homeowners insurance and require their own separate policy. Windstorm insurance is not always included in homeowners policies. Some hurricane-prone states will not cover windstorm damage caused by hurricanes, and another policy will need to be taken out to cover these damages.
Louisiana allows insurers to charge special deductibles when there is hurricane damage. Home insurance deductibles are often a flat dollar amount, while windstorm deductibles are a usually a percentage of your home’s insured value, typically 1%-5% with potential to be higher in areas of increased risk.
The cost of windstorm and flood insurance policies are influenced by a few factors: Where you live, how much it would cost to rebuild your home, and the amount of your deductible. If you buy homeowners insurance, windstorm insurance, flood insurance or all three together, it’s important to have enough coverage to cover the cost of rebuilding your home from the ground up.
Don’t wait until its too late, or even until the last minute. Flood insurance takes 30 days to go into effect, and insurers typically won’t adjust your coverage once a storm is forecast.