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Hurricane Insurance: What Homeowners and Renters Should Know

Hurricane Insurance: What Homeowners and Renters Should Know

It is officially the first day of Fall and that means we are right in the middle of peak Hurricane season, which runs from late August to October. Virginia Beach is vulnerable especially areas of Sandbridge Beach. Make sure you have the protection to survive a possible Hurricane.

If you’re a homeowner

Homeowner insurance policies offer a wide range of protections but be sure to look into detail on the hurricane coverage as it might not be fully covered. Check your dwelling coverage and make sure it is a enough.

If you’re a renter

If you rent an apartment or home your landlord probably has it covered by their policy. Just make sure all your belongings are covered under your renters insurance.

Flood insurance is extra

If your home is damaged by flooding your regular insurance isn’t going to cover any damage. During a hurricane the storm surges and excessive rain, flooding is very common. “According to the National Flood Insurance Program, just a few inches of flood water can cause tens of thousands of dollars in damage.” Double check your flood insurance and be sure to purchase if you are in a vulnerable area.

Special hurricane deductibles

Another leading cause of damage during a hurricane is wind damage. Some policies might have different coverages for different perils and a different deductible. Make sure you can afford your deductible if you need to pay it in case of any damages. “Many home insurance policies on the East Coast have hurricane or wind deductibles. Unlike traditional deductibles, hurricane and wind deductibles are set at a percentage of the home’s value. For example, if your home’s insured value is $300,000 and the hurricane deductible on your policy is set at 3 percent, you would pay $9,000 out-of-pocket before your insurer would step in.”

Additional coverage gaps

Personal items may not all be covered with your current insurance policy. Compile a list of home inventories with photos and receipts to value your possessions to make sure you have accurate coverage. Be sure other high-value items are covered.

Call your insurance provider today to get all the details about your coverages and details of your policy. You want your investment to be fully protected.

 

Article By Samantha Alexander, website: http://www.zillow.com/blog/hurricane-insurance-179591/

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