3 Tips for Hurricane-Hit Homeowners Looking to Get the Most From Their Insurance
This year's hurricane season will be a memorable one, as millions of people have already suffered from the massive flooding that Hurricane Harvey inflicted on Texas and surrounding areas. Millions more are currently looking down the barrel as category 5 Hurricane Irma steadily approaches the Florida coast. Whether you've already suffered damage from Harvey or you need to get prepared for a worst-case scenario from Irma or another future hurricane, it's important to understand your insurance coverage fully and to anticipate whether you'll get fully reimbursed for your losses or have to suffer a major personal financial hit.
Understanding your insurance coverage isn't as easy as reading a simple summary because most insurance companies don't provide one. Many people find it almost impossible to dig through dozens of pages of coverage descriptions, exceptions, and other cross-referenced details in their formal insurance policy. That can result in nasty surprises to those who thought they had full coverage in the aftermath of a hurricane.
Hurricane Harvey has already come as a shock to many homeowners. Standard homeowners insurance policies cover damage from the high winds that hurricanes often bring, but they almost always exclude coverage for flood damage, which was the biggest impact from the storm throughout much of Texas. In order to get coverage, separate flood insurance policies from the federal government are necessary, but only about one in eight homeowners across the nation have bought coverage under the program. Even in the areas where Harvey hit, estimates show that 80% or more of homeowners didn't have flood insurance.
Source: Fool.com
