TALLAHASSEE, Fla. (The News Service of Florida) - With the 2018 hurricane season now here, insurance companies are reminding customers to double check their coverage before a storm approaches.
Hurricane deductibles are often quite high and are typically separate from standard deductibles for other claims.
Additionally, flood claims are not covered by homeowners or renters policies, and flood insurance takes 30 days to kick in, making it too late to purchase once a storm is near.
Michael Carlson is the President of the Personal Insurance Federation of Florida, which represents many of the state’s largest insurance companies.
Carlson says many people who buy higher-deductible policies that cost less per month are shocked following a storm when they realize how much they’ll need to pay out-of-pocket before insurance takes over.
“One thing you can do to mitigate against the problem of having a higher deductible or a lump sum payment when a storm happens and you have a loss, is to save some money," said Carlson. "Try to develop a hurricane savings account or have a line of credit available to you, or some other financial resource, that you can draw on if you need to make that payment.”
Carlson says the best way to avoid delays when filing a storm-related claim is to have a copy of your policy easily accessible, and to keep a detailed list of your belongings and their value.
Last year’s Hurricane Irma led to more than $6.5 billion worth of insured losses and nearly one million claims.