Your Daily Real
Estate Blog
From
Supreme Manor
Real Estate Services
Personal
Finance: Hurricane Deductibles Could Hit Homeowners, Businesses Hard
As many on the east coast boarded up your windows and headed out of town
– ahead of Hurricane Sandy, they probably gave a secret sigh of relief that their
homeowner’s insurance or other building insurance was up to date. “At least
I’ve got insurance on the property,” they likely told themselves as the stories
swept over the news and the storm swept up the coast. However, thanks to new
fine print, you might not have the insurance on your structures that you
thought. In fact, a new “hurricane deductible” that kicks in whenever winds
exceed 74 miles per hour, could mean that you must pay one- to five percent of
your property’s total value toward repairs before your insurer starts helping
with the bill.
Although most insurance companies have had these deductibles in place
since the 1990s, many people are unaware of the somewhat unusual caveat or
assume that “hurricane insurance” just plain covers hurricane or tornado
damage. Homeowners and business owners who have insured their properties
against storm damage, however, may not actually be protected from floods,
tornadoes or hurricanes. In fact, many flood policies actually provide cash
value for items lost rather than cost of replacement for damage done. If you
have suffered damage from Sandy or any other weather-related event, be sure to
document the problem carefully and check with your insurance agent to make certain
that you are filing your claim properly.
I hope this information is useful.
Should you need assistance with any of your real estate needs,
please contact Supreme Manor Real Estate Services 773-881-9224. Feel free to visit us on our website or any
of our social media sites.
Have a Supreme Day!
Sheila M. Wilkinson-Sanders
Managing Broker/Owner - CPA, GRI, CNC
Supreme Manor Real Estate Services
1840 West 95th Street
Chicago, IL 60643
(773) 785-0127 Direct
(773) 797-9640 (fax)
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