Home Insurance. Saturday , February 24th , 2018 - 18:46:17 PM
Those 70 percent may enhance their coverage moving forward, but for them, it’s already too late. The uninsured damage has been done. If history is any indication, the key for consumers is to avoid being among this 70 percent left staring at a claim that will never be processed or only partially paid.
But even with eye-opening photos of these disasters populating our phones, computer screens and newspapers, there still seems to be a sense of complacency among consumers when it comes to taking action to ensure they are properly covered in the event a natural disaster hits their own home. Given the prevalence of natural disasters in 2017, Clearsurance published a report after surveying 1,000 participants to learn if they have taken any steps in the last six months to uncover possible insurance gaps.
Most homeowner insurance policies for coastal properties now have separate deductibles for damage caused by hurricanes, and the amounts are usually based on a percentage of the home’s insured value, rather than a flat dollar fee. Details of a policy’s hurricane deductible will typically be explained on the policy’s “declarations” page. Ms. Bach suggests that consumers call their insurance agent if they don’t fully understand what their policy requires, so they can plan for out-of-pocket costs in the event of a storm.
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