With hurricane season at our doorsteps, it’s time to look over your homeowner’s insurance policy.
You need to make sure you have an insurance policy that protects you and that you understand what most policies do not cover.
First things first, locate all of your insurance policy documents.
You will need your homeowner’s policy and your flood insurance policy. Remember, flooding is not covered under most homeowner’s policies.
You will possibly need to review your auto policy if you have damage to your vehicle as a result of the storm.
Insurance isn’t what it used to be.
Deductibles are based on the covered amount. So if you’re covered for $300,000, you could be on the hook for as much as $15,000 before insurance would pay a dime.
Another change: the law now requires insurance companies to put your mortgage company on your insurance check, too.
Keep in mind, if you’re behind on your mortgage, the bank may keep your insurance money.
The lender could require you to submit estimates before they sign off on your insurance settlement.
Here’s what to do when a storm hits:
- When it is safe to venture outside and look for damage, make sure you take lots of pictures before you touch anything.
- Take video, too. Do not attempt to make even temporary repairs without doing this.
- Your first call should be to your insurance companies. They will tell you their own requirements for filing a claim and get the process started.
- Cover damaged areas with tarps in order to prevent further damage.