According to forecasters with NOA’s Climate Prediction Center, a division of the National Weather Service, it’s looking like this year will be a monument hurricane season.
As part of National Insurance Awareness Day, we’d like to remind you to revisit your insurance policies to ensure they contain the coverage that’s right for such an epic season. Around two-thirds of U.S. homes are under-insured, which will lead to difficulties when storms hit. According to a study by insurance.com in 2018, nearly a quarter of homeowners said they’d never even read their policy.
During these times, make sure that the policy is meaty enough and armed with all of the right items and updates. And while you’re embarking on this insurance inventory, you might as well use this time to inspect your other insurance policies.
The reason why it’s crucial to update your policy with new information is because the insurance companies have the right to deny coverage for a loss in the case of “material misrepresentation” when trying to get a policy. What this means is that if you fail to mention certain things like a resident relative or a new pet, they can deny your coverage because you weren’t one hundred percent truthful. If you have been faithful by paying your premiums for years and you get rejected of your coverage, it would be a devastating blow to have zero insurance for the destruction of your home.
In addition, be sure to examine the actual coverage of the contents within your home like, bodily injury coverage for your motor vehicle, or under-insured motorist coverage for your vehicle.
Consider these make or break items:
- Are deductibles on your policy sustainable in the event of a claim? Will you be able to cover them if necessary?
- Have you explored all possible discounts, such as wind mitigation certification or discounts for fire or burglar alarms, new roof or upgraded heating, plumbing or electrical systems?
- How has your customer service experiences been with the company? Check online resources and ask friends and family to determine what insurers have a good reputation among policyholders. Responsive customer service will be important in the event of a claim.
- Have you had a major life change, like having a baby or starting a new job? You may need to update your insurance.
- Have you renovated or built an addition? If so, make sure your policy reflects the change in value of your home.
- In the event you need to rebuild, does your insurance policy include any extra expenses caused by meeting building codes adopted after your home was built? You may want to add building code coverage, called building law or ordinance coverage.
- Flood damage, which can come with a hurricane, is usually excluded on homeowner’s policies. Consider purchasing separate flood insurance.
- If you live in a condominium, what type of insurance does your homeowners association require?
- Have you evaluated your needs by conducting a thorough home inventory of your possessions?
- Does your policy provide enough coverage for landscaping, outdoor appliances or storage sheds?
- Have you started a home-based business? You may need to change your coverage for business liability and equipment.
Looking for a Licensed Public Adjuster in Florida? Call Rene Espinosa today at (786) 584-2748!