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Hurricane Season Again – Time to Check your Home Insurance

In homeowner's insurance, Hurricane season, Hurricanes, Insurance, Insurance Industry on July 11, 2013 at 1:32

Sure, it’s time for summer fun, but hurricane season is also upon us. And that means you have work to do with your homeowner’s insurance.

Major storms have a way of making insurers re-examine what they are covering, and at what price. And in the wake of last year’s Hurricane Sandy, which caused tens of billions of dollars in damages, you can bet that policies are getting a close look.

In addition to expanding the reach of what was the hurricane deductible, insurers are also tightening ambiguities in policies regarding coverage for things like storm surges. For example, in the past, if homeowners suffered wind damage from a hurricane and then experienced flooding from the storm surge, their insurance company might have paid for damages from the flooding. But now insurers are trying to reword policies so that their obligation to deal with this kind of two-part damage is limited.

There is also the chance that insurers will seek to flat-out raise their rates, or even reduce the number of policies they issue in areas that are increasingly vulnerable to storms.

How can you protect yourself from the coming storm of insurance changes?

For starters, read your policy and make sure you understand exactly what is covered, and for how much.

Whatever you do, be prepared for changes ahead.

Read this article for more information.

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