Are your Properly Covered from a Hurricane?

Are your Properly Covered from a Hurricane?

With hurricane season in full swing, it is important to make sure you are protected with the right insurance policies. Make sure to ask yourself these common questions to make sure you are properly protected should you incur damage from a hurricane.

  • Do I have enough coverage? Make sure your homeowner’s insurance policy provides enough coverage to rebuild your home.  Do not confuse this with Market Value.  The cost to rebuild your home can be more or less than market value.
  • What if I do not want to rebuild in the same location? Most insurance policies require you to rebuild in order to obtain a replacement cost settlement.  If you choose not to rebuild, you will most likely receive an Actual Cash Value settlement which means depreciation is taken on many of the materials used to rebuild.  There are a handful of companies that will pay cash settlement up to the limits of the Dwelling if you choose not to rebuild.  Check with your insurance agent to see if this available to you.
  • Is my finished basement covered if my sump pump fails? Most standard homeowner’s insurance policies provide very limited coverage for the backup of sewers and drains. Additional coverage can be added to your already existing policy to provide the most coverage. If you have a sump pump, research the companies that will provide back up of sewer and drain coverage.  Companies offer as little as $5,000 up to $100,000 back up sewer and drain coverage.
  • Is all flood insurance the same? If you are located in a Flood Hazard Area, you will most likely be insured through FEMA.  Excess flood insurance is available in the non standard market.  If you are not in a Flood Hazard area, you may be able to add a rider to your homeowner insurance policy to cover flood losses.  FEMA products do not cover building or content losses in a Finished Basement that is below ground on all 4 sides.  Keep in mind that 30% of all flood losses occur in non flood hazard areas.  You don’t have to be near a body of water to incur a flood loss.

For all of your flood insurance needs in Tarrytown and Westchester County, contact Allan Block Insurance.