The Louisiana Department of Insurance urges residents across the state to make insurance an important part of your plan to prepare for this hurricane season. There are things you can do now to protect your home and property.
Policy check-up. Review your homeowners and flood insurance coverage. Contact your agent to find out exactly what your policies cover and ask questions about your hurricane deductible. Strongly consider purchasing a flood insurance policy from the NFIP or private market. Some companies may restrict the sale of insurance once a hurricane or tropical storm enters the Gulf of Mexico. If you need to make changes to your policy, do it now.
Home inventory. Create, an itemized list, of all the items in your home. Take photos and video of your belongings. This list will be helpful if you need to file a claim after a storm.
Assess your health needs. Review your health insurance policy to become familiar with what you should do in the event of an emergency. Identify your network hospital and pharmacy. Keep your prescriptions in original containers and pack a general first aid kit.
Gather important documents. Keep hard copies of your vital documents in a waterproof safe or box. For insurance policies and other important records. Keep electronic versions as well.
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What is a hurricane deductible?
A hurricane deductible is the amount you pay out of pocket before insurance coverage will pay for a claim. Hurricane deductibles are typically 3% to 5% of a home’s value rather than a dollar amount deductible.
What are additional living expenses/loss of use coverage?
This coverage provides for living expenses that would exceed the insured’s normal expenses to maintain a comparable cost of living after a claim has been made. For instance, if a hurricane rendered your home unlivable while repairs were being made, additional living expenses (ALE) coverage may cover a hotel bill for a period of time. There are limits to ALE coverage and there may be time limits as well. Receipts and records are needed to receive reimbursement from ALE coverage.
What are the two types of reimbursement for contents coverage?
Replacement value and actual cash value. Replacement value is what it would cost to replace the item with one of comparable material and quality to be used for the same purpose. Actual cash value is the market value of an item and is replacement cost minus depreciation. Check to see if your policy would cover replacement cost or actual cash value for your contents and use your home inventory to decide what coverage is appropriate for your needs.
I plan to review my auto insurance policy ahead of hurricane season. What should I look for?
Comprehensive coverage on your vehicles pays for damage to your vehicle caused by an event other than a collision. If your vehicle is affected by a storm, flood or hurricane, comprehensive coverage will apply.
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