Hurricane Season means Insurance Season
June 1, is the beginning of meteorological summer and hurricane season! It’s also the busiest time of year here in the Charleston area for your insurance agent. By definition, insurance is one of those things that you don’t really think about until you need it, but I’m here to tell you that it’s worth thinking about it BEFORE a hurricane is knocking at your door!
My go-to insurance company is conveniently, Carolina One Insurance. They are a brokerage and can shop several different providers to find the best policy for you. They recently saved one of my clients $1,400/year on his flood insurance! I’ve checked in with them this year to provide some info and tips for you:
Know your deductible! Your deductible applies to each claim.
Create a video of your home and valuables. Myhomescr.app.book, is an app where you can save images, descriptions, bar codes, and serial numbers of personal property and is suggested by the Department of Insurance.
Have copies of all government issued IDs and medical records ready to take with you in the event of an evacuation. * If you live on one of the barrier islands in the Charleston area (IOP, Sullivan’s, Folly), you must get a pass from your town hall before evacuating in order to be allowed to come back onto the island after the storm.
If you evacuate, PREPARE your home! Check for electrical, chemical, and fire hazards. Cover your windows with plywood. If you have functional shutters, and don’t close them, your claim may be denied or adjusted down because you failed to make a reasonable effort to protect your property!
You may be thinking, “Do I have/need flood insurance?” Anyone can purchase flood insurance, and I advise all of my clients in the Charleston area to do so. Basically the entire region is in a flood zone (can you say, “Lowcountry!”), you just may or may not be required to carry flood insurance. If you are not required to have flood insurance by your zone, then a flood policy is only about $450/year…SO worth it! If you do live in a zone that is required to have flood insurance, then your yearly premium will be determined by your elevation. Some quick flood insurance facts are:
You can add flood insurance at anytime. However, FEMA has a 30-day waiting period before a new policy takes effect regardless of time of year, unless it’s purchased as part of a loan closing. In other words, don’t think you can wait until a hurricane is headed for us to buy flood insurance!
Most insurance providers will restrict the ability to write new or change current policies once a storm is predicted.
FEMA backed flood insurance has a coverage limit of $250,000, but there are private flood insurance companies now that are great options!
I hope you’ll never need to use your homeowner’s or flood insurance to make a claim, but I’ll feel better knowing that I shared some knowledge with you! If you have questions about your policies or coverage, please give me a call. I’m happy to help you review and decode!