Preparing for Hurricane Season: Insurance Expert Advice
As Florida approaches hurricane season, insurance expert Mark Friedlander from the Insurance Information Institute shares crucial advice on preparing your insurance coverage. The Central Florida area experienced severe hurricanes last year, leaving many homeowners dealing with flood damage.
Understanding Flood Insurance
Friedlander explains that standard homeowner’s policies don’t automatically cover all types of flooding. “Top-down flooding,” such as when wind damage creates a hole in your roof, is typically covered. However, “bottom-up flooding” from storm surges or heavy rainfall requires separate flood insurance. This is particularly important in Florida, where flooding can occur even in areas not directly on the coast.
“It’s really important to have flood insurance in Florida, no matter where you live,” Friedlander emphasizes. “Central Florida is prone to severe flooding, as we’ve seen in past hurricane seasons.” Flood insurance is usually purchased as a separate policy through the National Flood Insurance Program or private insurers, though some providers may offer it as an endorsement to existing policies.
Documenting Your Belongings
Creating a home inventory is crucial for streamlined claims processing if you experience damage. Friedlander recommends taking photos of all belongings and maintaining a digital catalog. “Having a home inventory… will help resolve claims much quicker,” he explains. The Insurance Information Institute provides resources at iii.org to help create these inventories.
Vehicle Insurance Considerations
For vehicle owners, comprehensive auto insurance is essential. Friedlander notes, “If your car is in your garage and your home collapses, your home insurance won’t cover it. You need comprehensive auto insurance.” This coverage also applies if your vehicle is flooded during a storm.
Insurance for Renters
Renters shouldn’t overlook insurance coverage either. Friedlander stresses that renters insurance is relatively affordable since it only covers personal belongings, not the building structure. “It’s really important to have insurance for renters coverage,” he advises. Renters living on lower floors should also consider flood insurance, which is typically less expensive than for homeowners.
Florida’s Insurance Market Outlook
Regarding Florida’s insurance market, Friedlander reports positive signs of stability. “In the fourth quarter of last year, average premiums actually decreased for the first time since 2016.” The market has more insurance companies available, allowing consumers to shop for competitive quotes. Friedlander describes this as “probably the strongest financial position of Florida’s insurance market in more than a decade.”
As hurricane season approaches, reviewing and adjusting your insurance coverage can provide crucial protection against potential storm damage. Experts recommend taking proactive steps now to ensure you have adequate coverage for your home, belongings, and vehicles.
