Hurricanes and severe storms happen whether we like it or not. Regardless if you are a homeowner or a renter, you need to make sure that the Washington DC home you are living in is protected whenever nature shows its wrath.
Are you a Homeowner?
If you are, then you should have a standard homeowner’s insurance policy in place. It is important to note, however, that your insurance policy may only cover hurricanes partially.
When buying home insurance, make sure that it provides coverage in case your house gets destroyed by a hurricane. The insurance should cover the complete rebuilding of your house in case the unfortunate event happens. Keep in mind that we are referring to the cost it will take to rebuild your home. We are not talking about the same amount you would originally pay when you purchased your property.
Are you a Renter?
In case you are renting an apartment, there is a big chance that the building has covered by a landlord’s policy. For your part, what you can do is to buy extra protection to cover your belongings inside the apartment.
Generally, an insurance policy should be enough to cover lightning, wind, and hail damage that all take place during hurricanes. But water damage is not always included.
When flood enters the house, the risk for water damage increases. It can even complicate things in relation to insurance coverage. Water damage is usually part of standard insurance – but only to a certain extent. A busted pipe should be covered. But when floods arise because of a hurricane, it will likely not be covered by standard home insurance.
In the event that a hurricane hits your property and damages the latter, you are expected to file a claim. However, you may be surprised to learn that hurricanes are treated differently by insurance companies compared to other types of perils.
There may likely be some kind of a special deductible for claims involving hurricane damage. A deductible is a certain fee that you will have to shoulder if you are filing for a claim. The amount may range from $500 to $1,000. If you have a low premium, expect to have a higher deductible.
If you are living in the East Coast, a good number of home insurance policies already have wind and hurricane deductibles in place. These deductibles are computed based on a certain percentage of the property’s value. If your home has an insured value of $300,000 and the deductible is pegged at 3 percent, you will have to pay $9,000 as deductible. If you are in the market for Washington DC real estate contact the McFadden Group today.