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Hurricane Preparedness

Hurricane Preparedness

May 01, 2024

Hurricane season is right around the corner. 

Are you prepared? 

A vital component of this preparation is a review of your current property & casualty insurance policy. 

Basic points to consider: 

  • What does your policy cover OR exclude?
  • Note- a standard homeowners’  policy does not cover flood damage.
  • Does your policy cover debris removal and sewer back-up?
  • Do you have coverage for reimbursement if you are displaced or your home is not livable?
  • What is your deductible?  Do you have a deductible just for Hurricanes? Do you have funds set aside to cover this?
  • What's the difference between replacement cost and actual cash value?
    • If your coverage is for replacement cost value and the cost to repair property is greater than the cost to replace the property, the insurance company will reimburse you the dollar amount needed to replace damaged personal property or dwelling property with the like kind and quality, with some limitations as listed on the declarations page.
    • If your coverage is for actual cash value and the cost to repair the property is greater than the actual cash value of the property, the insurance company will reimburse you the dollar amount to replace the property minus the amount of accumulated depreciation.

At IFG, we are happy to help you review your insurance coverage,  reach out to one of our experienced advisors today.