Hurricane season runs from the June 1st to November 30th. It’s especially¬†important for homeowners or tenants to review their insurance coverage during this season. Use the following checklist to review!

Homeowners Insurance:

  1. Is your policy limit enough to rebuild your home?
    • In the event your home suffers a total loss you don’t want to find out your property is only covered for its market value, which is often lower than what it would cost to rebuild.
    • Your agent can perform a replacement cost estimate for you in just a few minutes.
  2. Do you know everything you own and how much it’s worth?
    • A home inventory video is a great way to make note of all of your property.
    • Consider the cost to replace your items and verify that the limits of your policy are enough. Also be aware of your policies internal limits, which may only pay out certain amounts for an item. An example would be jewelry coverage, which frequently provides $1,000-$2,500 per item; items costing more than that amount should be scheduled separately.
  3. Does your policy provide enough Additional Living Expense coverage?
    • Keep in mind that in the event of a natural disaster many people will be displaced. This expense coverage provides funds for dining and other expenses incurred while living away from home.
    • Make sure your comfortable with the time limits and coverage afforded under your policy. There should be enough coverage for you to live according to your standard of living.
  4. What is the percentage of the hurricane/windstorm deductible stated in your policy?
    • Unlike the standard deductible on an auto or homeowner’s policy, hurricane deductibles frequently are expressed as a percentage of your policy limits. Make sure you’re comfortable with and can afford this deductible on your policy.
  5. What disasters does your insurance policy cover?
    • Policies generally exclude earthquake and flooding coverage. Speak with your agent about what is excluded by your policy and make sure your comfortable paying these damages out of pocket, or consider adding insurance from a separate policy.
  6. What about your flood insurance policy?
    • 90% of all natural disasters include some form of flooding! Contact your agent for a flood insurance quote if you live in a hurricane prone area.

Renter’s Insurance:

  1. Have you bought renter’s insurance?
    • If you have not, do so. If you have, perform an inventory of your property and verify your limits are enough to replace your items in todays dollar value. Also make sure that your Additional Living Expenses coverage is adequate for your region; be sure to factor in dining expenses.
  2. Have you considered a flood policy?
    • Your renter’s policy will not respond if your property is damaged by flood. If you live in a hurricane prone area consider adding flood insurance to avoid the uncovered loss of your belongings.
  3. Do you have an inventory of your belongings?
    • Don’t wait till after a claim to realize that you’ve applied too little coverage to replace your damaged belongings after a disaster. Be sure that you have enough coverage to replace all items with like kind and quality.