Hurricane season is here, which means that it’s important to get your Atlanta home insurance or flood insurance ready. You need to have your home insurance all settled well in advance of any storm. We’ll go over a few things you need to know about making sure your insurance is ready for hurricanes.
6 things to know about home insurance, flood insurance, and hurricanes.
1. Remember that home insurance doesn’t cover flooding.
Did you know that your typical home insurance policy doesn’t cover flooding? That’s why it’s important to make sure that you have the proper flood insurance policy from the National Flood Insurance Program (NFIP).
You should also keep these things in mind when buying flood insurance:
2. Flood insurance takes 30 days to become effective.
If you’re planning on waiting to get flood insurance until you hear about a big storm coming your way, you may not be covered in the aftermath anyway. The NFIP has a 30-day waiting period before your flood insurance becomes effective. They may make an exception if you need flood insurance to get, extend, increase, or renew your mortgage loan, but overall, don’t wait until the last minute!
3. If a tropical storm or full-blown hurricane is set to hit your area, it may be too late to get home insurance
Insurance companies may issue “binding restrictions” if a big storm is nearby, which means they won’t sell or finalize home insurance coverage for certain peril for a certain amount of time. This happens a LOT before a hurricane strikes. So, waiting until the last minute could mean that you’re out of luck for getting home insurance. As tempting and easy as it is to procrastinate dealing with insurance, hurricane season is not the time to put off getting some home insurance quotes.
4. You may not be able to increase your home insurance limits or lower your deductible either if a storm is on the way.
What if you already have home insurance? If an insurance carrier imposes binding restrictions, you may not be able to raise the limits of what your regular policy will cover or lower your deductible (the amount you’ve agreed to pay for a claim before your policy kicks in.) So, you’ll need to consider your risk and make any adjustments to your coverage well before your area is threatened by a major storm.
5. If you live near water, you may have to get home insurance coverage from a different type of carrier.
Here’s the thing: Even if your home has never seen a hurricane, living in a coastal town or near a body of water can put you at a bigger risk of being hit by a storm. Big insurance companies sometimes don’t like taking on that risk. So, if you’re having trouble finding home insurance for your coastal or beach house, you may have to think outside of the box in terms of home insurance carriers.
6. Take a look at your ALE coverage.
Most homeowners insurance policies have additional living expense (ALE) coverage, which can help you pay for the additional expenses you incur if you can’t live in your home due to a covered loss. Make sure you understand how much ALE coverage you have, how it works, and what the conditions are for reimbursement, again, BEFORE a hurricane.
We know that hurricane season can be a little scary. So, we hope these tips will help protect you, your family, and your home investment. If getting the right home insurance for a hurricane still seems a little daunting, just call our insurance experts, fill out our online form, or LiveChat with an agent today! We’ll work with you to make sure your homeowners’ policy addresses your specific risks and that you save money on the coverage you need.