Source: hurricane.sc
Photo: amazingarchitecture.com
The week’s hurricane preparedness series features insurance. Insurance is a huge part of owning a house and becomes even more important during hurricane season. The South Carolina Department of Insurance suggests the following to be adequately prepared for hurricane season:
Review your insurance policy so that you know if you have adequate coverage. Understand the difference between REPLACEMENT COST and CASH VALUE.
Know your policy’s deductibles and the procedures for notifying your insurance company about damaged or destroyed property.
A standard homeowners or renters policy does NOT cover flood damage; you must purchase a separate flood insurance policy. Visit floodsmart.gov for information for information.
Make a property inventory list of valuables, furniture, electronics, etc. Take pictures of your property to have a visual record of your belongings.
If you do evacuate, be sure to bring your important documents with you.
When a hurricane is imminent, remove outdoor objects like garbage cans and lawn furniture that the winds may blow. Protect door and window openings with storm shutters.
Ways to save on insurance costs:
Catastrophe saving accounts are state income tax-free saving accounts allowing homeowners to set aside funds to pay for qualified expenses such as deductibles.
Insurance premium discounts are often available for homes made more storm resistant.
State income tax credits are available for homes made more storm resistant.
State income tax credits are available for property owners who purchase supplies to retrofit and make their homes more storm resistant to hurricanes and severe storms.
