Hurricane season is upon us. And some homeowners haven’t spoken to their insurance agent in years, nor have they updated their coverage!
Do you have enough coverage on your home?
This is an important question at this time of year for the southeastern part of the country. Hurricane season began June 1 and ends November 30.
The tropics have been busy this past week with 3 named storms.
The cost to rebuild has increased over the years and the insurance company typcially determines how much coverage you should need based on this figure. But what if you haven’t spoken to your insurance agent in years?
Does your policy cover flooding? Or do you have a separate flood policy?
Does your policy cover mold and mildew?
Does your current insurance policy adequately cover the belongings in your home?
All of these questions are so important at this time of year.
If there is a named storm within specific demographic boundaries your insurance company cannot issue a policy nor can they make any changes to an existing policy. Here in Brevard County Florida the box is at 70 degrees longitude and 33 degrees latitude. In Florida this includes any storm in the Gulf of Mexico. This can include a named tropical storm or a named hurricane, either one. This precaution is in place so people cannot call their insurance companies when a hurricane is upon them.
Yesterday, there were about 3 hours that the insurance companies could not bind or change insurance coverage for their customers because of hurricane Claudette in the Gulf.
Most companies will allow you to make a coverage change midterm in your policy. But, typically they will not allow you to make another change again until your policy anniversary date.
And remember, it takes 30 days for a flood insurance policy to go into effect. And changes to a flood policy take 30 days.
Don’t wait, call your insurance agent today to be sure your property is adequately covered this hurricane season. Some people found they didn’t have the coverage they needed in years past.
NOTE: These pictures were taken this morning of Hurricane Bill. Bill’s projected path currently pulls it off to the North and well away from land.
This article is authored by
I also buy, sell, rent, own and manage Investment Property.