The I.I.I. Explains How to Financially Protect Your Home Against a Disaster

Posted on Aug 1, 2014

In Time for Peak Hurricane Season, Five Tips on How to Have the Right Type and Amount of Insurance Coverage

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NEW YORK, July 28, 2014 — Before peak hurricane season take the time to review your homeowners or renters insurance policy and make sure you have the right amount and type of coverage, recommends theInsurance Information Institute.

“The time to review your home or renters policy is before you have a loss,” says Jeanne M. Salvatore, senior vice president and chief communications officer at the I.I.I. “You don’t want to find out after you file a claim that you could have purchased more insurance.”

The I.I.I. offers the following five tips to properly insure your home:

1. Review Your Insurance—Before You Have a Loss!

  • Read the Declarations “Dec” (front) page of your policy, as it provides a useful summary. Review all policy documents and contact your insurance professional with any questions.

2. Understand Which Disasters Are Covered—and Which Are Not

  • Hurricanes, windstorms and tornadoes are covered by standard homeowners and renters policies.
  • Floods and earthquakes are not covered—you must buy separate policies for these disasters. Coverage for flooding and storm surge is available from theNational Flood Insurance Program and from a few private insurance companies. There is a 30-day waiting period for flood insurance to go into effect, so buy it now if you need it.
  • More information about flood insurance: Does My Homeowners Insurance Cover Flooding?

3. Have Enough Insurance

4. Understand Your Deductibles

  • A deductible is the amount you pay out of pocket for a loss before the insurance coverage kicks in. Know the difference between a standard dollar deductible and wind or hurricane deductibles, and when they would be applied. This information is available on the Dec page.
  • More information on deductibles: Understanding Your Insurance Deductible

5. Consider Special Coverages


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