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Hurricane Season is Upon Us: Are You Insured?

 It’s always better to be safe than sorry.  That’s the message from Louisiana State Insurance Commissioner Jim Donelon.
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Hurricane and Flood Insurance photo by hurricane supplies.com

 

Donelon says all it takes is one major flood or hurricane to wipe you out with property losses.

 It’s time for Shreveport-area property owners to make sure they have plenty of hurricane and flood insurance, even though a mild hurricane season is predicted.

 While Shreveport Bossier is well north of the coast, a hurricane can still do a lot of damage with flooding,  the effects of which can easily be felt there.

   Donelon says make sure you have insurance. If you live in a coastal state, it’s time to pull out your homeowners insurance policy and see if you have a hurricane deductible. This will determine the amount of money you must pay out-of-pocket before your coverage kicks in if there is a hurricane. Hurricane deductibles are clearly listed in your policy, according to the Insurance Information Institute.

Eighteen coastal states allow insurers to incorporate hurricane deductibles into their homeowners policies: Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Rhode Island, South Carolina, Texas and Virginia.
While traditional, standard homeowners deductibles for fire, theft and other disasters listed in the policy are usually a flat dollar amount, such as $500 or $1,000, hurricane deductibles are generally calculated as a percentage and typically vary from 1 to 5 percent of a home’s insured value.

 So, if a home is insured for $300,000 and the policy on the structure has a 5 percent deductible, the first $15,000 of a claim must be paid by the policyholder in the event there is a windstorm or hurricane strong enough to meet the hurricane deductible threshold as  http://www.sacbee.com/2012/06/11/4553380/the-2012-hurricane-season-has.html#storylink=cpy

 
 
 

 

 

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