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
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County Real Estate & Investing
I also buy, sell, rent, own and manage Investment Property.
that for you
Hurricanes A - Z are in the pipeline.
Sandy, I'm not sure about Hurricane Season, but I think you provided great information here so folks can check up on their insurance - before it's too late!
Very important reminder to Sellers, Buyers, and Agents about the suspension of writing policies when there is a named storm in the Gulf. Have seen it catch a lot of closings unawares.
What hurricanes are to Florida, wildfires are to California! It's always a good time to review your policy, no matter what part of the country you live in, or the perils faced!
I just pray you guys have a mild fall. In fact about a week ago I heard that as your Hurricane forecast.
Sandy, I know--it's important to have. We are all concerned here with the prices which are estimated to be at least $2,000 a year and flood insurance has become mandatory. I hope all these hurricanes go off to sea!
Sandy, good information for y'all down there in Hurricane Land! But seriously we all need to review our insurance policy on a yearly basis to make sure we are covered sufficiently.
Hi TOTO, Well, hopefully very few of them will make landfall and we will have a quite season.
Mary, I think it's really importan to check your policy on a regular basis.
Jim, So you know, only too well, a named storm can stop a closing in it's tracks. So true. Be safe this season. And we'll hope for the best together.
Myrl, Well, I have to say, I would prefer to have a hurricane than a wildfire. With hurricanes you have several days notice to get out of the area. And often it's the rain that does the damage. With a fire you really don't have time to get out of the way, and everything is ruined.
Hi Paul, I hope you heard right. For the past couple of years after 2004 and 2005 with Charley, Ivan, Frances, Jean, Rita and Katrina we kept hearing that it was going to be more horrible years, but that hasn't been the case (thank goodness). Let's keep our fingers crossed.
Carole, Ouch, $2000 a year, that seems high, I suppose it depends on each individual property. Wow and flood is mandatory? I saw a special on TV last year that indicated that over the next 25 years hurricanes were projected to wipe out many of the beaches in the northern states, including New York. It was very interesting and scary too. Hopefully they were wrong, as meterologists often are.
Hi Caren, It is important for everyone to review their insurance policies on a regular basis! Rebuilding costs have changed over the years.