Florida was incredibly lucky last week as Hurricane Dorian missed our shores. But as Floridians, we all know this won’t be the last storm. As the most recent storm has cleared, its now time to review your insurance policies to be sure you are properly covered against hurricane damage.
HERE ARE 9 THINGS YOU SHOULD CONSIDER WHEN IT COMES TO HURRICANE INSURANCE:
PROFESSIONAL INSURANCE AGENT – Finding an insurance agent you can trust and understand. An agent will actually save you money by finding you the cheapest options and making sure you’re fully covered.
FULL REPLACEMENT COST AS POLICY LIMIT – This is not the amount you pay for home or condo. instead it’s the full reconstruction price to rebuild it brand new.
FLOOD INSURANCE – The most common cause of total destruction in a hurricane is from the storm surge and floodwaters. It’s also the one coverage excluded under most policies. So, you have to buy a separate policy covering damage caused by flood or storm surge.
WINDSTORM INSURANCE – Homeowners insurance policies in some hurricane-prone states won’t pay for windstorm damage. If you live in one of these states and want coverage, buy a separate windstorm insurance policy.
EXCESS FLOOD INSURANCE – The National Flood Insurance Program will pay up to $250,000 for a home and $500,000 for a commercial building. The problem is what happens if your home or business costs more than that to replace following a hurricane with flood damage? Most people don’t know you can buy insurance to cover the full damage through “excess flood insurance coverage”. These policies can pay up to the full replacement cost to fix.
LAW AND ORDINANCE COVERAGE – Building codes have changed significantly so that you often cannot rebuild your home back to the way it was before. To cover the additional cost of your insurance policy has to have law and ordinance coverage.
DEDUCTIBLES – Hurricanes often have a special deductible that is much higher than a typical one from $250-$1000.
DON’T SKIMP! – Everyone sees funny advertisements trying to lure you into purchasing discount “cheap” insurance. The truth is, many policies are cheap because they pay a lot less and have limits or exclusions which will leave you far from being fully insured.
Our dedicated and experienced team at Larry Moskowitz, PA reminds you to be diligent and prepared about storms that may affect your area in the near future. We want you and your family to be safe. If, in the event of a storm, you experience damage to your home or business property, call us today (844) 849-0760 for a FREE case evaluation.
Our firm has recovered millions for clients who have been wronged by their insurance company’s improper denial of insurance coverage or underpayment of insurance benefits owed. We’ll work aggressively to get you what you deserve.