June 15th - It’s Hurricane Season Again! Do You Have The Right Insurance?

Hurricane & Natural Disaster Insurance For Your Home

Hurricane season started on June 1 and it’s a good time to review your home owner’s insurance or specific policies covering natural disasters.   It’s imperative to understand what kind of coverage you have and what your premiums and deductibles are.  For folks living in hurricane-prone states, you should look at your windstorm deductibles, flood insurance deductibles (if you have coverage at all under a state-subsidized plan), and premiums.  Many people opt for a low deductible, but this is generally too expensive in light of the benefits it provides.  You should not need insurance to cover a loss in the low thousand dollars.  Insurance should generally not be thought of as a way to manage maintenance and wear-and-tear kind of expenses.  A higher deductible will lower your premium and, in most cases, offer you all the coverage you’d need for a major disaster.  Granted, some people will have a hard time paying off a high deductible, but this is a good use of the emergency fund you should have.  Those lower premiums will save you a lot of money in the long run, whether disaster strikes or not.