Rebuilding your home after a hurricane?
Is there a secret weapon to rebuilding your home from scratch after a hurricane? The disastrous images of Hurricane Ida passing through Louisiana have been recurring in recent days on television screens and on the front pages of newspapers. We have all gazed in horror at the shattered roofs, large trees uprooted and thrown over properties, windswept houses, flooded homes, and overflowing rivers.
Ida may well have made landfall further east and hit Florida, as other hurricanes have done. Fortunately, the death toll was relatively low. However, the survivors a day later must begin to rebuild their lives and recover their houses from the destruction. Would you be prepared to recover financially from a major storm like this?
You can only answer this question with certainty if you know your homeowner’s insurance policy in detail, understand what it covers, what the deductible is, and what leaves the contract unprotected.
Before the next hurricane or storm hits, you should call your insurance agent to explain all the things you need to know about your policy before making a claim.
For example, a typical policy explains what the limit of the contract or limit of insurance is. That is, the maximum that the company will disburse. Imagine your house completely destroyed and think about how much it would cost to rebuild it. Take into account the parameters on which the insurer will rely to replace such damages, whether at replacement cost or current value. The latter means that the insurer will include the depreciation of the covered structure.
Another key aspect to master is deductibles. Remember that it is the money that the insured must pay for each insurance claim. For example, if the deductible is $ 2,500 and the roof repair costs $ 5,000, the insured must send the insurer $ 2,500 and she will take care of the rest. The insured must feel comfortable with the deductible specified in the contract. Otherwise, in the event of an eventuality, you will be unable to pay it. Is there a secret weapon to rebuilding your home from scratch after a hurricane?
Another important point is all damages covered. In typical contracts, there is a list of them – lightning, hurricane, hail, explosions, vehicles, trees, etc.-. Before the storm hits, it is advisable to read them and especially to see them excluded. Policies generally do not cover floods and sinkholes. If a storm causes a major flood in your area, typical homeowner’s insurance will not work for you.
In short, you should not wait until the storm is upon you to review your policy. Be cautious and look for it to provide more efficient coverage for your largest investment.