Check Your Hazard Insurance
With Hurricane season in full swing, many homeowner’s may find themselves addressing damage from storms. It’s common for homeowner’s that live near rivers, waterways or the ocean to have coverages for flooding, storms, etc. However, with the strength of recent storms and their increasing movement inland, they are devastating areas previously untouched by their effects.
That being said, since almost all lenders require homeowners to purchase and maintain hazard insurance on their properties, now would be a good time to review your coverage. By definition, a hazard policy is insurance covering damage to a property caused by hazards such as fire, wind and accident.
If you live in a flood plain, you would have additional coverage, called a rider, to protect in the event of a flood. If don’t live in a flood plain, but experience flood damage as a result of an unexpected storm, you may not be covered.
I recommend getting your policy out and reviewing it. Be sure you know what coverage your policy provides and in what circumstances you will need additional riders. Call your insurance agent and discuss options with him/her. Know in advance what coverage you will have available in the event of a storm. If additional coverage is necessary, then you can make an informed decision about what you need in order to protect your home investment.