Review Your Insurance to Be Ready

Reading insurance policies can be boring, but it's important.

Source: AARP.org | May 25, 2006

Reviewing insurance coverage sounds boring. But if you don't do it, you may dearly wish you had. Get out your homeowner's policy and go over it carefully. If there are parts that you don't understand—and insurance policies are famously hard to understand—call your insurance agent to clarify uncertainties. It is very important to get this review done well before a storm approaches Florida. Once a hurricane is nearing the state, insurers usually won't agree to change the terms of policy or add new coverage.

Ask About:

• Coverage limits. How much coverage do you have?
• Deductibles. How much will you have to pay? To hold down monthly costs, many Florida homeowners have had to increase deductibles. But if your home suffers very serious damage, you'll have to pay the deductibles out of your pocket.
• Flood coverage. Private insurance rarely covers floods. If you live in a flood-prone area, check out the federal flood insurance protection program.
• Documentation. What will you need to file claims? If you haven't carefully documented your home's condition and your possessions before the storm, you may have a hard time getting insurers to accept your estimate of damages.
• Appeals. How can you appeal an insurer's settlement offer? You may find it to your advantage to appeal an initial settlement offer from an insurer.

Related Articles

• Five Steps for a Safe Hurricane Season
  Follow these five steps to protect yourself, your loved ones and your property during the Florida hurricane season.
• Review your insurance
  It's boring. If you don't do it, you may wish you had.
• "Harden" your home against hurricane winds
  Pick the right type of hurricane shutter to protect your home.
• Prepare two hurricane kits
  One helps if you evacuate. The other helps when you get home.
• Evacuate—the smart way
  Evacuate tens of miles, not hundreds of miles
• Provide for your pets
  Make plans to take care of your pets.
• Document your home and possessions
  Photograph your home for insurance records.