Hurricane Ian is a reminder for all homeowners to check insurance

Hurricane Ian is a reminder for all homeowners to check insurance


A man walks through the debris on a street in the aftermath of Hurricane Ian in Punta Gorda, Florida.

Ricardo Arduengo | Afp | Getty Images

If you’re far from the destruction caused by Hurricane Ian in Florida, you may be thanking your lucky stars that your home wasn’t in the storm’s path.

Nevertheless, you also may want to consider whether you are prepared financially if disaster were to hit closer to home.

If you’re a homeowner, whether you live in an area prone to hurricanes, tornadoes, flooding, hail, wildfires or severe storms — all of which seem to be becoming more prevalent amid a warming climate — it’s important to know which types of weather-related damage your homeowners insurance covers, excludes or charges a separate, and likely higher, deductible for.

More from Personal Finance:
Here are some ways to trim your tax bill
How to get the best return on your cash
These resources can help struggling seniors

“Take time to understand how the policy [covers] severe weather and natural disasters,” said Steve Wilson, senior underwriting manager at insurer Hippo.

Ian was downgraded to a tropical storm Thursday after slamming into Florida’s southwestern coast Wednesday as a powerful Category 4 hurricane with sustained winds of about 150 mph. The storm could regain hurricane strength as it heads into the Atlantic Ocean and then back toward the southeastern U.S. coastline, according to the National Hurricane Center.

Timelapse shows devastating storm surge from Hurricane Ian in Fort Myers, Florida

It’s worth noting that before Ian made landfall, the home insurance market in Florida was in turmoil due to rampant roof replacement claim schemes and excessive litigation filed against property insurers, said Mark Friedlander, spokesman for the Insurance Information Institute. In 2021, Florida homeowners saw their premiums increase by an average of 25%, compared with 4% for the rest of the U.S.

“With a projected property damage loss in excess of $30 billion from Ian, we expect the market to become more unstable,” Friedlander said.

Regardless of where you live, here’s what you should review in your homeowners insurance policy for weather-related coverage.

Weather-related deductibles can be pricey

More than 2 million without power after Hurricane Ian slams into Florida

Don’t overlook your flood risk



Source link