Boston Property Management: Hurricane Insurance
Hurricanes have a tendency to hit the East Coast of the US from mid August to Late October. One can remember the effects of Hurricane Sandy and how it affected everyone. This is why it helps to check and see if there is adequate insurance protection for a hurricane.
Homeowners with standard homeowners insurance policies are covered for a lot of things but then Hurricanes may only be partially covered. The most important point to remember is that you need to have enough coverage so that you can rebuild if there is extensive damage. This includes the costs it takes to rebuild your home so you have to make sure you have enough dwelling coverage.
Renters don’t have to worry about the damage if they live in a building as the landlord will cover it. The only issue is when you have to buy for protection for items within the apartment.
Boston Property Management: Flood Insurance
An important thing to remember is that Hurricanes lead to floods. This means that a lot of houses are vulnerable. Usually homes and renters insurance do cover water damage but they don’t cover flooding. So don’t assume that your current policy will save you as you will be in for a lot if something happens. Hurricanes bring about a lot of rain and storms which can be damaging. So this means that floods could occur anywhere. It doesn’t matter if there has been no flooding before. Just because it hasn’t happened before, doesn’t mean it won’t happen.
The amount of damage to your property means that you will be wishing that you had taken the insurance, as it would have saved you the money. There are some lenders who make you get the insurance as part of the deal though it doesn’t really matter if you live in a region where it’s not bound to happen.
Another thing to remember is that when there is a hurricane you have to file a different deductible for them. You need to pay a certain amount towards a claim. Important to remember that this claim comes out of your pocket. The good thing is that you have to pay lower premiums if that is the case.
Insurance companies on the East Coast have to deal with hurricanes so this is why they have deductibles for that category. The value is set to a percentage of the home’s value. This means that if your home is valued at $400,000 you would have to pay the deductible at the rate set for it. A good example is the former with a rate of 3 percent of the value. So you have to fork over the cash before the insurer steps in.
So before the storm comes in, check with your company to know what your policy entails. This will help you have less sleepless nights.
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