Most homeowners when faced with purchasing home insurance fill out an application, receive the policy and then throw it in the drawer without fully reviewing it. In fact, some have likely not reviewed what their policy actually covers in years. Unfortunately, this can cause surprise and significant problems when a major storm hits.
What should you look for in your insurance policy? First, make sure the amount of coverage is correct. This is especially true for personal property as you will continue to accumulate valuables and may not think to update your coverage. A simple email to your insurance agent or company is usually sufficient to update this coverage.
Further, check to see what is excluded under your policy. A client recently discovered that his policy would not cover his pool enclosure if it was damaged during a hurricane. As you can imagine, this is exactly when you need this coverage. It was not until his pool cage needed replacement that he realized the provision existed. Some policies can also contain exclusions for things like water damage.
Additionally, policies can also contain limits on the amount of damage that the insurance company will pay for. It is common to see limits for the amount you can recover for the pool enclosure, water damaged property, mold and flooring.
If you see one of these limitations or even exclusions, you can contact your insurance agent or insurer to ask about having them removed and any additional premium for doing so. This will ensure your peace of mind going into hurricane season.
Mindy McLester, Esq.
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