Know if You’re Covered if a Hurricane Hits? Find Out More Here!

Hurricanes are something that affect a lot of people. If you get hit with a hurricane would you know what to do or if you were covered? We found this article that we hope will help you answer all of your questions!

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From the article:

You may have heard the optimistic forecasts for the 2014 hurricane season, which began June 1. The Colorado State University team that most notably does these predictions expects 10 named storms, 4 of which will become hurricanes. That???s fewer than the long-term average of 12 named storms and 6 hurricanes per season. So you can rest easier, right?

Not so fast. For one thing, experts at The Weather Channel aren???t quite as positive. They call for 11 storms and 5 hurricanes. For another thing, any of those hurricanes could cause serious damage. That means you could find yourself owning a home in need of serious repairs.

Are you covered under home insurance?
The answer in part depends on the cause of the damage. Standard homeowners insurance doesn???t cover flooding; you???ll need a separate flood insurance policy for that. Check out the National Flood Insurance Program for more information. One caveat: Flood policies don???t take effect for 30 days, so you should act quickly to get your protection in place before the threat ratchets up in late summer/early fall.

But what about wind, the other main source of damage for hurricanes? You???re in better shape there. Standard home insurance policies typically cover wind damage ??? after you meet your deductible.

Do you know your deductibles?
The deductible is the amount you must pay out of pocket when you file a claim for damage from a covered peril such as fire or hail ??? or wind. Most people set their policy deductibles at $500 or $1,000, which means that???s the most they???d likely have to pay to repair damage in case of a covered claim.

But it doesn???t always work that way with wind damage from hurricanes. Many policies, particularly for homes in areas along the Atlantic and Gulf coasts, have separate hurricane deductibles. These aren???t expressed in dollars; they???re formulated as percentages, usually 1-5 percent of a home???s insured value. For example, the owner of a home insured for $300,000 with a 2 percent hurricane deductible would have to pay the first $6,000 of a claim for hurricane wind damage.

Have questions about homeowner’s insurance? Then checkout this article about homeowner’s insurance that could be of interest to you.

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