Hurricane Season: Insurance

With Hurricane Irene threatening the East Coast, it is important to review your insurance.  There are several types you will want to look at!

Windstorm Insurance.  Here in Texas, we have the windstorm association.  This covers the 14 1/2 counties that border the Gulf of Mexico.  Each state should have it's own fund.  If you cannot find it, check with your State Insurance Department.

Flood Insurance.  Since Homeowner's, Condominium, and Renter's policies DO NOT cover flood, river overflow, coastal surges.  It is important to have coverage at or near the coast or in low lying inland areas.  The National Flood Insurance Program is offered through FEMA.  The one thing to remember is that the coverage does not take effect until 30 days after the application is turned in.

Homeowner's Insurance.  It is a good time to review your insurance coverage on your home.  Keep in mind, even if your home is not flooded or hit by hurricane force winds, fire is another major danger, also theft from looting is also a possible loss that you could suffer.  Is it up to date?  Do you have enough coverage for your personal property (contents)?  Have you made any additions on the outside such as a shed or deck?  Check your policy and make sure the limits are what you need, if you think they are not or just not sure, contact your agent. 

Condominium Insurance.  This covers the inner walls and personal property withing your condo that you occupy.  Again, see above - is your limits what you need?

Renters Insurance.  Just as it says - this coverage will protect your personal property as a renter.  It will cover only your personal property - I have included calculators here and here.  Keep in mind, most policies will not cover flood or mold.  It is very affordable and after the massive apartment fire that happened here this past week, I recommend it for everyone.

Life Insurance.  Is your life insurance up to date?  There are always risk and not just from natural disasters.  Let's face it, everyone will die at some point, I prefer that to happen much later in life, but reality is - we never know!  If for some reason, you are not insurable, you may want to consider a pre-paid funeral plan or a death policy - which is a policy with a maximum pay out of around $10,000.  This should cover your final expenses.  Any sane person will not want to place that burden on your survivors.  Believe me, it was not a pleasant experience, having just had my son, turning 30, my mother dying, and then having to handle her affairs because my sisters lived out of state - all within a two month period.

Medical Insurance.  If you have medical insurance make sure that you have your insurance cards and a copy of your policy or benefits page with you in case you need it.



One thing that I always recommend is a fire proof file/safe box.  This is where you can put birth certificates, social security cards, insurance policies, credit cards, passports, and other important documents.  They are affordable.  Get one.