We hope everyone has weathered Hurricane Irma and made it through with minimal impact. As you evaluate any damage you may have, please keep in mind the following:
– Make sure to document everything via pictures/video, prepare a list of all contents of your home that were damaged.
– Notify your insurance company as soon as possible as your policy requires notice within a certain time-frame.
– Keep receipts for any expense you incur in securing your property to limit any additional damage as these may be reimbursed by your insurer
– Never assign benefits over to a third party. This may leave you with little recourse if repairs aren’t done up to your standards and may result in additional cost to you if your insurance company does not pay for the work done.
This is also a great opportunity to review all of your property and casualty insurance policies. A few things to
– Your homeowners coverage limit for property may not keep up with the actual value of your house, resulting in being under-insured.
– Flood insurance is only mandatory if you have a government backed mortgage and your property lies in a flood zone. If you have paid your mortgage off or are not in a flood zone, you may not have a policy. This may be an
opportunity for you to review adding coverage. The limits for Federal Flood Insurance Program residential property are $250,000 for property and $100,000 for contents.
– Auto insurance coverage for flooding falls under “comprehensive coverage” which you must elect and is beyond the “standard coverage” that is required for automobiles
– Your liability limits may or may not be high enough to cover you in the event you have a serious accident. You should review the addition of an umbrella insurance policy to go over and above the liability limits of your home and auto policies.
As with any financial decision, B&C Financial Advisors encourages our clients to reach out to review any of these items with us to discuss the impact of these decisions your overall financial plan. Give us a call at (904) 273-9850.
By Sean Guldi, CFP®