1) Examine your property. Before an event, examine your property to ensure there are no physical and/or liability hazards present. 2) Protect vulnerable areas of your home. Protect the four critical areas where wind and water can enter: roof, windows, doors and garage doors. 3) Protect valuables. Protect mementos, photos, etc., in waterproof containers and/or take the items with you if you evacuate (other household items can be replaced). 4) Review your policy and talk to your agent. Read and understand your insurance policy. Be sure you have adequate homeowner and auto coverage and that the deductibles you have selected are reasonable for your needs. If you have expensive or specialty items (i.e. jewelry, furs, silverware, cameras, collectibles, etc.), speak with your agent about broader coverage since these items have limited coverage under the terms of your homeowners’ policy. 5) Take inventory of contents in your home. Inventory valuables and contents in the home with pictures or video. Note the approximate value of each item and the date of purchase. You can also send an inventory list to a family member outside your region for safekeeping. 6) Copy and secure important documents. Make sure important documents, such as an insurance policy or mortgage papers, are stored in a safe deposit or fire safe box. After Hurricanes Harvey, Maria, Irma and Nate wreaked havoc last year during one of the worst hurricane seasons on record, 2018′s hurricane season looks only to be above average.
While this news is welcome for many who endured Mother Nature’s wrath, insurers and insureds alike should still be prepared for whatever comes as the year goes on. Evacuation plans should be updated, emergency provisions stocked and insurance policies reviewed.
Data from Property Claim Services (PCS) found that during the 10-year period between 2007-2017, nearly 8 million claims related to hurricanes and tropical storms were filled. Total estimated insured losses exceeded $100 billion, and in 2017 alone the damage costs related to hurricanes in the U.S. and its territories exceeded $60 billion, not including National Flood Insurance Program policy claims, according to PCS.