It’s around this time every year that Colorado State University releases it’s 2018 Atlantic Hurricane forecast, and like usual, they are predicting a “slightly above-normal year”.
They are forecasting between 12 to 15 tropical storms, of which, 6 to 8 are forecasted to become hurricanes and 3 to 5 to become major hurricanes.
For long time residents of Florida these predictions mean very little. We are used to the media predicting the demise of Florida with their usual words of “Cone of Uncertainty”, but this forecast can also serve as a reminder to double check your homeowners policy for potential gaps in coverage.
Important Facts to Remember
- Review your coverages with a licensed insurance professional every year.
- Coverage cannot be altered before the storm hits.
- Hurricane Deductibles are seasonal deductibles, so once you hit your deductible it’s good for the entire season.
- Flood is NOT included on a standard home policy. It is a separate policy issued by the insurance carrier and backed by FEMA.
- Make sure you check your hurricane deductible. Some insurance carriers offer a percentage deductible and others offer a set amount.
- Jewelry, guns, silverware, and fine art have a max payout per item that may be lower than the actual amount to replace. If you have such items that have an amount higher than $2,500 it is best to schedule them on a separate Inland Marine policy.
- If you rent rather than own your home, you can still get coverage for your contents under a renter’s insurance policy. Rates are as low as $18 per month.
- Make sure your home and contents are covered at Replacement Cost. This means the insurance carrier cannot depreciate the items.
- If you own a pool that is screened in, make sure that Screen Enclosure is marked on the policy with the coverage amount.
- Photograph or video your home contents and give them to your insurance agency to store. This way you have record of your items.
In the event of a hurricane hitting your area, secure your family and loved ones first, then your personal items. Personal items can be replaced, but your loved ones cannot.