Hurricane and Flood Insurance: A hot Topic

According to a press release from the Insurance Information Institute, the I.I.I has really made flood insurance a hot topic at the National Hurricane Conference to discuss the disasters that occur during floods. Hurricane Katrina cost more than 41 billion dollars alone.

To limit their exposure to these losses, insurers in coastal states along the Atlantic seaboard and the Gulf of Mexico sell homeowners insurance policies with percentage deductibles for hurricane damage instead of the traditional dollar deductibles. These deductibles are separate from deductibles for other perils such as fire. They are also based on the value of the home so if the house is insured for $300,000 and has a 5 percent deductible, the first fifteen thousand is paid out of the owner’s pocket.

During the event of an emergency, not only do you have to protect your home but must plan an evacuation ahead of time.

Make sure that you have a back-up plan and know where you can stay with family and friends. In a formal evacuation, it is also essential to know all routes leading out of the disaster area. So many rely on the tried and true exits and those can be blocked. Make sure you prepare alternate routes for getting to your new destination safely.

Have an emergency supply kit which should include non-perishable food, water, flashlight, battery-powered radio, first aid kit, towelette, garbage bags, can opener, cellphone chargers and medications to name just a few.

Build a portfolio of your personal possessions. The III provides a free web-based software at KnowYour This allows you to organize and add to digital photographs.

Make a list of what you would take with you. Sometimes in panic, we just grab. Organize a file that includes this information, personal identification, insurance papers, etc.

Hurricanes are life threatening and can happen within about 36 hours from an alert so it is so important if you live in a potential area that you are prepared in advance. Homeowners insurance should be evaluated for the best coverage as well as life insurance possibilities.

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