This year, hurricane season may have been quiet but it isn’t over yet.
Hurricane Sandy left many home owners with empty bank accounts because their insurance did not cover damage from flooding and other natural elements. Although Massachusetts was spared by Sandy, it would be wise to consider all your options for your MA property insurance so you are prepared for the worst.
Make Sure Your Insurance Covers Essentials
Needless to say, read your insurance policy very carefully and note what is covered and what is missing. For example, your Massachusetts home owners’ insurance policy will cover damage from wind and fallen trees like broken windows and doors, torn roofs etc.
Some policies will also cover damage caused by power outages like spoiled food. Taking note of what is and what is not covered in your insurance policy will help decide on a further course of action.
Understanding Hurricane Deductibles in your Policy
Insurance policies usually incorporate a term called “Hurricane Deductible.” Massachusetts is one of the states that have hurricane deductibles between 2 to 5 per cent of your home’s value. This deductible is what property owners have to pay out of pocket before their insurance kicks in. Here’s a good explanation of hurricane deductible and what it means.
Invest in a Flood Insurance Policy
Flood insurance is not covered under the standard Massachusetts home owner’s insurance. Damage from rising water or rain, as floods are defined in insurance policies, will not be paid for by the insurance company whether they are related to hurricanes or not.
If you live in an area that is prone to flooding, it would be wise to invest in a separate policy that is available from the National Flood Insurance Program. Flood insurance policy premiums range from $500 to over depending on the area your home is located in. For instance, if you live in a high risk area, your premium will be higher than for people living in low-risk areas.
Be Prepared For an Insurance Claim
Many home owners faced a lot of problems when making insurance claims after Sandy. MA insurance, like almost every other, requires the presentation of documents to prove that your claimed damages are accurate and not fabricated.
The best way to ensure this is to take pictures and videos of everything before and after the damage. Also keep all documents related to your home, like receipts, in a safe place so you don’t lose them during a storm.
Don’t wait until a hurricane or other natural cause leaves you with unanticipated losses. Make sure your MA property insurance has it all covered.