PRE-STORM HURRICANE COVERAGE CHECK-UP
Exclusions, Limitations & Options Need To Be Reviewed Before A Loss
As the peak of hurricane season approaches over the next few months, now is the perfect time to carefully consider whether you have the coverage that you need and to be sure that you understand how your coverage works. A quick Hurricane Coverage Check-Up today can help ensure that you have the proper coverage to meet your needs, as well as to understand what is and is not covered by your insurance policies.
There are many details to consider concerning your insurance coverage, but here are a few quick ideas for you to review today:
DO YOU HAVE THE LIMITS OF COVERAGE THAT YOU NEED?
When Hurricane Andrew visited our shores in 1992, many home polices enjoyed Guaranteed Replacement Cost coverage and replaced a home nearly without regards to whether it was properly insured. Today, virtually no insurer offers such coverage, so it’s very important to be properly insured.
For commercial property, it’s critical that your coverage meets any coinsurance requirement or other policy conditions to avoid being penalized after a loss for having too little coverage. Please consider what you have at risk, what the proper replacement costs are, and whether your policy meets your needs. Construction costs have increased significantly in recent years, and we strongly suggest that you review your coverage and the limits you carry before you suffer a loss.
DO YOU HAVE ALL OF THE COVERAGE THAT YOU NEED?
Damage caused by rising water (flooding) is not covered under most home, wind, or commercial policies. Whether you are in a ‘flood zone’ or not, almost any property can suffer a flood loss in an area like South Florida. Flood and Excess Flood coverage is critical to being properly protected.
It is also important to consider that some home, wind, and commercial policies limit or exclude coverage on certain items such as pool screen enclosures, awnings, or signs.
Read your policy carefully and not to believe that every peril, or every item, is automatically covered. Read your policy exclusions and limitations. Often items that are limited, or excluded, can be added or their limits increased.
CONDO UNIT OWNERS:
If you own a Condominium Unit, it’s important to know that Florida law changed in 2004 and that the unit owner is now responsible for interior improvements, such as floor and wall coverings, electrical fixtures, appliances, cabinets and countertops, and air conditioning equipment, which were previously the responsibility of the Association. Do you have enough coverage? Call us for an article that explains the proper manner to insure a Condo and the new law.
NEW WINDSTORM OPTIONS:
If you carry a separate wind policy, you should know that newer, broader coverages have recently become available, including Personal Property (Contents) Replacement Cost coverage.
You now have the option to add this broad coverage at an added cost and should consider it if you currently have wind coverage with Citizens.
UNDERSTAND YOUR DEDUCTIBLE:
	Do you have the proper wind deductible for your needs, and do understand how your deductible works? Prior to Hurricane Andrew, most policies had a flat deductible of, say, $ 500.00. Today, wind deductibles are expressed as a percentage and typically are 2%, 3%, 5%, or even 10% of all values insured. Commercial policies often have a minimum dollar amount deductible included. Do you know how yours works?
Deductibles can be confusing and costly. It’s important to understand how your deductibles work and what they might cost you in the event of a loss
DON’T WAIT UNTIL IT’S TOO LATE:
Insurers cease writing, binding, or changing (such as an increase or addition) coverage once a storm begins to threaten a region or State. Waiting to renew, place, or alter your coverage until you are “sure” a storm is coming will mean that you cannot obtain the coverage or changes that you want or need in time. It will simply be too late.
Review your coverage now and make any needed changes before it’s too late.
About Morris & Reynolds Insurance: The Reynolds family has been in the insurance business in Miami since 1950 and has owned and operated their agency, Morris & Reynolds Insurance, since 1950. Morris & Reynolds is one of Florida’s, and America’s, oldest and largest insurance businesses and is now in its third generation of family ownership. Morris & Reynolds Insurance offers all forms of protection including Business Coverage, Personal Protection, Financial Services and Employee Benefits. Morris & Reynolds represents and has access to over 100 of the worlds leading insurers including AIG, ACE, Aetna, Blue Cross, CHUBB, Cigna, FCCI, Fidelity, Mercury, Progressive, St. Paul – Travelers, Zenith and Zurich to name a few. Please call us at any time we can be of service in any manner; 305.238.1000