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Hurricane Insurance

A home by the seaside could have been your dream come true but not anymore. Ever since Hurricane Katrina, the hurricane insurance could just be impossible for you to afford. This hurricane insurance coverage has sky rocketed and people having homes on the hurricane-prone areas are distraught. The rates have gone up by 100% and even in some cases 200%.

What’s more, these rates for hurricane insurance are all the more difficult to digest since the insurance rates for inland homes have gone down steadily. In Florida for instance, the rates of hurricane homeowner’s insurance have simply skyrocketed and people are backing out of real estate deals rapidly. In Mississippi, there was a proposed increased of insurance rates by 397% for the privileged homes, which was reduced to 90%. There is definitely a scheduled rise in the future, however.

On top of that, don’t forget to add to this hurricane insurance coverage the costs of fire, flood, and liability coverage. If some of the residents have to face intensive price hikes for insurance, some are simply unable to get any hurricane insurance coverage at all. This is because insurance providers have refused to provide hurricane homeowner’s insurance altogether.

The rising odds and the recent huge claims by the people covered in their packages have discouraged insurers from seeking any business in the field. This behavior by insurance providers is being considered as an over-reaction or a too protective strategy, as some of the areas do not have a risk of Category 4 hurricane like Katrina. The hurricane scientists, though, have described some areas as prone to hurricanes in the next 3 years, so the insurance companies want to be safe now rather than repent later.

Insured losses last year had reached a record $58 billion, and insurance companies don’t want to undergo that sort of damage for a second time. The hurricane insurance policies have very little chance to be renewed for the current year, as that would still mean a risk for insurers. Some of the people will be forced to sign up for Citizen Property insurance, which is state-backed. Even the private insurance providers won’t be ready to take on people who have not recovered previous damages. The state-aided funds are also running a deficit balance and will not prove to be very useful for the people who are practically uninsured. The coming hurricane season is again going to be problematic for the people who previously had hurricane insurance coverage. The debate between the state officials grows, but will it have a result in time so that the people can be sure of having hurricane insurance coverage?

Having talked about seeking new hurricane insurance coverage or renewing the existing one, we’ll also talk about what to do when you have to seek a claim from your agent after a hurricane. Contact the agent who handles your insurance to file a claim for your home. You should not live in the house if you feel that it is dangerous to do so; if that is the case, and then give a forwarding address.

Do take photographs of any water that is inside and also of all damaged personal belongings; save whatever belongings, which have not been destroyed. If you do not have specific hurricane homeowner’s insurance, then there is little chance that your homeowner’s insurance policy will cover damages due to flooding. Yet don’t lose hope: Read your policy carefully and find out what damages are covered under it, and there might be a chance that you could possibly recover part if not all of whatever has been damaged.


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