Hurricane Season: Insuring Against Worst-Case Scenarios
Posted June 2, 2015 12:35 pm
TALLAHASSEE,
FL - This week marks the beginning of the 2015 hurricane
season in the U.S., and with the significant risk of
hurricane damage in Florida - from the state's extensive
coastline to the interior - insurance experts say it's a
good time for Floridians to do a check-up on their
insurance policies.
Lynne McChristian with the
Insurance Information Institute says with needs
and property values constantly changing, it's best to
check the status of coverage every year.
"The most important thing is to have an annual
conversation with your insurance company or insurance
agent," she says. "You need to make sure your
homeowner's insurance policy is enough to rebuild your
home in the event of a disaster."
The relatively quiet hurricane seasons of recent years
have enabled the state to build up its Hurricane
Catastrophe Fund to $17 billion. The state-run
Citizens Property Insurance Company, created
when many private insurers wouldn't write policies in
Florida after a series of damaging storms, has more than
$7 billion in reserves.
While many property owners are protected, McChristian
says the state's large number of renters are not, unless
they've purchased a renter's policy.
"A lot of renters neglect to get property insurance,
because nobody forces them to get it," she says. "A
landlord's insurance does not cover your personal
possessions."
McChristian says it's important to remember that flood
insurance is not included in standard property insurance
policies, but is something all Florida homeowners should
consider.
"Even if you don't live in a high-risk area for
flooding, you really need to think about flood
insurance," she says. "We have inland bodies of water in
Florida, and you may have a storm surge that could push
water inland. That water has to go somewhere."
According to AAA, one in five Floridians has flood
insurance. On average, a flood insurance policy costing
85 cents a day will cover $100,000 in structural damage.
Photos/graphics; links: added/updated by the Observer
This piece was reprinted by the Columbia County Observer with permission or license. It may not be reproduced in any form without permission or license from the source.