Now is the time to review homeowners and renters insurance to make sure coverage is adequate. Most insurance companies will not allow a change in coverage after a storm has been predicted. Also, remember many insurance policies have a 30-day waiting period before a new policy becomes effective.
Check into flood insurance. The National Flood Insurance Program can be reached at (888) CALL-FLOOD, ext. 445, TDD (800) 427-5593. Most homeowners and renters policies do not cover damage from floods as the result of a hurricane.
Review insurance policies to see if wind damage is covered.
Insurance policies also should be reviewed to make sure they are adequate to the current value of the home or property. People living in a condominium, should check to see what coverage is available through the condominium association.
Review the policy to find out if replacement cost is the dollar amount needed to replace or repair damaged property with materials of similar kind and quality. Actual cash value is the dollar amount needed to replace or repair damaged property after depreciation. Yearly inflation or renovations increase the replacement cost of a home and its contents, while the actual cash value may decrease over time.
Make an itemized inventory of belongings, including costs, purchase dates and serial numbers. Stand in the center of each room and photograph or videotape all four walls with room area in front. Dated photographs or current videotapes of possessions are a good idea. Keep a copy of important insurance records in a safe deposit box or with a trusted relative or friend living in a safe area.
Boat owners also should review their insurance policies and make sure a copy is stored in a safe location.
