No one saw the challenges of 2020 coming. As a nation we have faced down a crisis and learned to adjust, at least temporarily, to a new way of life. And just as Florida moves to get back to normalcy and begins to open up, we are approaching hurricane season once again.
All of the regular preparations for hurricane season 2020 apply – residents should have an adequate supply of water and non-perishable food, protective coverings for windows and doors, and a plan should evacuation becomes necessary. (See all recommended hurricane preparedness procedures here.) While any homeowner who has a mortgage already has a hurricane insurance policy in place, everyone should review their coverage and make sure the policy is adequate should a major storm make its way up the Florida Gulf Coast.
For homeowners who already have a policy: Review your policy with your insurance agent. If you have installed any additional protections since you acquired the insurance – such as hurricane shutters, a new roof, new windows or even a new garage door – let your agent know, as these items are likely to lower your insurance premiums.
If you have acquired any additional items of value over the last year, this is a perfect time to speak to your agent regarding proper levels of coverage.
For homeowners who own their home: If you purchased your home for cash, or your home is paid off, having an insurance policy to cover hurricane damage is not required. However, given that hurricane damage is a very real risk in this region, keeping this type of coverage is prudent. If your home is significantly damaged in a hurricane (or any other severe weather we may encounter) you will have to pay for repair or replacement out of pocket should anything happen.
Don’t Wait Until Hurricane Season 2020
Let’s face it, we all like to find areas where we can save money. While it may be tempting to wait until a hurricane is imminent to beef up your policy, that is not an option.
In fact, virtually every insurance company halts writing policies before a hurricane. While some may offer policies which begin 30 days from origination, most will not write any new business or revise policies until the storm has passed. In an active hurricane season, there may be a line of storms forming, disallowing homeowners from changing their policy for many months.
This policy includes those who are in process of buying a home. The closing of the real estate transaction may be delayed until there are no major storms forming; as the insurance company will not bind new insurance at that time.
Therefore if you are hoping to alter or augment your windstorm insurance policy before hurricane damage affects you, the best time to do so is before the season begins on June 1. If you miss that deadline, speak to your insurance agent about the changes you wish to make and they will advise you as to when the policy may be modified.
As one of Sarasota and Bradenton’s most trusted insurance agencies, Anderson & Associates Insurance Group is ready to help our clients prepare for hurricane season 2020.
