In the wake of hurricane damage many of us are dealing with insurance claims. Here are five tips to make the process smoother:
1. Know the difference between your deductible and a hurricane deductible. Your deductible is the amount that you, as homeowner, must pay for damages before you insurance kicks in. Usually this is either $500 or $1,000. Hurricane deductibles are usually much higher and range between 1%-5% of the home’s insured value. So if your home is insured for $200,000, your hurricane deducible can be anywhere from $2,000-$10,000 depending on your policy.
2. Know whether or not you have flood coverage. Standard policies cover wind damage and damage from wind driven rain, but flood-related losses aren’t usually covered unless you’ve got flood insurance.
3. Tree damage should be covered. Most standard homeowners policies should cover damages from fallen trees onto fences, garages, homes, sheds, and other property. However, if a neighbor’s tree damaged your property or your tree damaged a neighbor’s property who’s coverage kicks in depends on the situation. Typically whoever “owned” the tree is responsible for the damages, but of course there are exceptions to every rule.
4. Car insurance matters too. If your car was damaged by flood water or a fallen tree it should be covered if you have comprehensive insurance. If you only have liability insurance, however, damages to your vehicle will not be covered.
5. Look into disaster assistance. If your home is within a federally declared disaster area you may be eligible for government assistance. This assistance comes in the form of loans and grants and requires the purchase of flood insurance for the life of the loan.
Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-856-6434.