What You May Not Know About Flood Coverage..

June 26th, 2012 by admin

Last month we marked the beginning of hurricane season, and we at the Insurance Center of North Jersey want to commit ourselves to preventing property damage and loss of life by raising awareness since has showed us a lack of it. As Irene’s devastation proved last year, it only takes one storm to have a bad season.

A standard homeowner and storm damage policy does not include damage caused by flooding or mudslides.  It is important to note this type of damage could be extremely destructive to your property and without insurance you could be devastated financially.

Also, many people are not aware if their policies have separate deductibles for hurricane and windstorms.  Generally speaking, windstorm deductibles are based on a percentage (2%, 3%, 5% or even 10%) of the amount the building is insured for. For Example if a building is insured for $200,000.00 and is subject to a 5% deductible, this property owner would share in the cost of repairs up to a minimum of $10,000.00. This does not include the cost to the property owner for commonly excluded items such as exterior painting or waterproofing of a building or residence and in the event of a hurricane you can assume the outside of a building will at a minimum require painting.

Please review your policy. If you are interested in learning more on either one of these topics or would like help reviewing your policy please contact our agency.

 

Stay dry,

Your friends at the Insurance Center of North Jersey