For most people,summerbrings images of swimming and drinks by the pool.
Summer also means the threat of hurricanes in certain parts of the country.
So, should you do a hurricane season insurance check?
The season kicks off onJune 1each year, and experts predict this year will be a doozy.
While we cant tell you if this is accurate or not, we can help you get financially prepared.
Hurricanes can cause damage to homes.
This is why the National Oceanic and Atmospheric Administration recommends you call your insurance company before hurricane season starts.
Youll want to understand the coverage you already have and decide if you need additional policies to cover gaps.
Its important to understand your needs before its too late.
Well also help you understand the answers so you know what to do next.
When is Hurricane Season?
In the U.S., hurricane season runs from June 1 to Nov. 3o.
Hurricanes do technically occur in the Pacific Ocean.
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Letting your coverage lapse can be devastating anytime, but especially during hurricane season.
So first and foremost, check you have insurance!
Next, youll want to understand what your current insurance covers and what possible gaps you have.
Weve broken it down into four main questions to ask your insurance provider before hurricane season starts.
Am I covered for all wind- and water-related damage?
While traditional home insurance policies often cover wind related damage, most have little to no flood protection.
Many home insurance policies provide coverage for wind damage.
While most policies do include this protection, there are some that dont, so its worth asking.
Just remember that most new policies take 30 days to go into effect.
So dont wait too long to sign up if youve found your current policy lacking.
While most home insurance covers water damage if connected to wind-related causes (i.e.
your roof leaks because od ripped off shingles), many do NOT cover flood damage.
Accordingly, if you live in a floodplain, youll want to consider purchasing flood insurance.
Again, flood insurance usually has a waiting period of 30 days before it kicks in.
Youll want to get coverage soon to make it be covered for hurricane season.
What does my current policy cover if my house sustains damage?
That means what kind of funds are available to you in the event of damage.
Its important to understand those terms so you can make smart financial decisions.
This number should be clearly stated in your insurance documents.
Other structures coverage covers things not attached to the house.
This might be a detached garage, shed or play structure.
Normally this dollar amount is limited to 10% of the total dwelling coverage.
This covers the physical contents of your home like your furniture, personal belongings, computers, etc.
This might include meals out, hotels, furniture rental, clothes, etc.
Its important to know this coverage amount because there is a limit to this windfall.
Knowing this limit ahead of time can help you plan accordingly.
What is my deductible if my house sustains damage?
Most standard home insurance deductibles are a set dollar amount like $2,000.
This deductible is in addition to your other standard deductible and only applies to damages brought on by wind.
What proof is helpful when experiencing a total loss?
Creating an inventory of your belongings ahead of time can help eliminate stress after the fact.
Ask your insurance agent what proof is best for this process.
While this wont bring your stuff back, it might speed up the reimbursement process significantly.
Guaranteed Replacement Cost Coverage
This is additional coverage that helps if your dwelling coverage doesnt cover everything.
Dwelling coverage covers repairs and replacements up to a certain set amount.
While in theory this amount should cover the total replacement of your home, sometimes unexpected costs come up.
Then youre left with the bill.
In this case, guaranteed replacement cost coverage could be beneficial.
Additional Personal Belongings Coverage
Standard home insurance policies cover personal property up to a certain point.
This limit is normally set around 50% to 70% of the total dwelling coverage.
In that case, you might want to consider additional personal belonging coverage.
Additional coverage can help ensure you truly have enough to cover your personal belongings come replacement time.
to make it protect your car during hurricane season, youll want to confirm you have comprehensive car insurance.
Comprehensive car insurance reimburses you for non-traffic related damage to your car such as hurricane damage.
What Else Should I Do to Prepare for Hurricane Season?
Obviously, insurance isnt the only thing homeowners should do to prepare for hurricane season.
confirm to also consider alternate routes in case theres flooding.
Some shelters dont take animals, for example.
We suggest that you have two kits: one in your car and one in your home.
The last thing you want is to be scrambling to find these papers as you evacuate.
Youll need documents like your IDs, birth certificates, insurance papers, deeds and medical insurance cards.
Contributor Whitney Hansen covers banking, credit cards and investing for The Penny Hoarder.
She also writes on other personal finance topics.
Frequently Asked Questions (FAQ)
Yes and no.
Standard home insurance normally protects your home from any windstorm damage from a hurricane but rarely covers flood damage.
Unfortunately, this is not a reliable option.
Most new insurance policies have a 30-day waiting period before going into effect.
Some insurance companies even stop giving out new policies if a hurricane is imminent.
The first thing you’ve got the option to do for your home is double-check its insured properly.
You might even consider adding shutters to your windows to protect them against shattering.
No, home insurance does not cover your car.
Instead, youll want to check that you have comprehensive car insurance.
Comprehensive car insurance covers your car in any non-traffic related incidentsin this case, a hurricane.
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