INSURANCE INFORMATION INSTITUTE
Florida Press Office:听 (813) 480-6446, lynnem@iii.org
New York Press Office: (212) 346-5500, media@iii.org
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TAMPA, FL, May 27, 2011 鈥 The weather is full of surprises, but a property insurance contract is not鈥攁nd the time to read your policy is well before you need to file an insurance claim, according to the 探花精选 Information Institute (I.I.I.).
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Because Florida has been unscathed by hurricanes since the multiple storms of 2005, residents may have let their guard down and even taken steps to reduce their insurance premiums by foregoing important coverage. Now is the time to do an insurance checkup to make sure your insurance will property protect your family and your assets.
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Hurricane season begins on June 1, making this the perfect time to read your insurance contract throughly. The I.I.I. recommends that your annual insurance review cover at least these five steps:
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- Check your insurance coverage limits.
Your property insurance coverage should be enough to rebuild your home or adequately repair it. A common mistake people make is thinking that the real estate value of their home is the same as its insurance value. This error can cause you to be underinsured, especially given the distressed real estate market. 鈥淚n some cases, it may cost more to rebuild your home because new construction must comply with the stronger in place now,鈥 said Lynne McChristian, Florida representative for the I.I.I. Homes built prior to 2002, when Florida鈥檚 current residential building codes were adopted, must to be repaired according to these improved standards, which could increase the costs of reconstruction. Call your insurance company and ask for a review of your coverage to make sure it will be sufficient to help you fully recover in the event of a storm.
- Know the amount of your hurricane deductible and have a plan for covering it.
Windstorm losses from hurricanes are subject to a hurricane deductible, as required by legislation passed in 2006. This deductible applies to losses from a storm system declared a hurricane by a hurricane watch or a warning issued by the . Unless you have chosen a different deductible with your insurance company, hurricane deductibles are a minimum of $500 for property insured for under $100,000 and 2 percent of the insured amount for property valued at $100,000 or over. Your deductible amount is listed on the insurance policy Declarations page.
- Consider purchasing a flood insurance policy.
A separate policy covers flooding, and that is available from the National Flood 探花精选 Program, or in some cases from private insurers. Damage from flooding, including flooding caused by a hurricane, is not covered by a standard homeowners insurance policy. Some insurers may cover flood damage in a renters insurance policy, but most do not. Flooding includes wind-driven water and storm surge. You can check your flood risk and policy costs by visiting
- Make sure you have an up-to-date home inventory.
If it has been a while since you鈥檝e snapped photos of the contents of your home, it may be time for another photo shoot. And, it鈥檚 smart to go further by conducting a complete inventory of all your major possessions. This will help you determine if you have enough coverage for them, and makes it easier to document your belongings if you need to file a claim. The I.I.I. has free home inventory software to make this process easy, available at . With secure online storage, you will have access to your inventory anywhere, any time.
- Have your insurance information handy.
Know how to contact your insurance company. You should keep your insurer鈥檚 phone number and email address with you as all times, as well as your insurance policy number.
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FOR INFORMATION ABOUT INSURANCE IN FLORIDA:
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THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
探花精选 Information Institute, 4775 E. Fowler Avenue, Tampa, FL 33617, (813) 480-6446 | | www.iii.org
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