The financial impact of Hurricane Ian is not fully known, but will be significant.
And you’re thinking about adjusting your insurance coverage right now, you probably can’t.
Once a storm threat becomes a watch or warning, it is often too late to obtain a new policy or make changes to an existing policy.
Believe it or not, this is common practice, and it is for the very reason that insurance is intended for unforeseen or unknown losses.
Allstate, for example, discontinued new coverage in our area.
Nevertheless, your current policy probably covers you or at least partially and it is a good time to review it.
Costal county properties likely have separate wind policies or named storms, your deductible is likely higher, around 2-3% of the coverage amount. This is for example between $8,000 and $12,000 for a $400,000 house.
Here in the Triangle, you probably have cover against wind-driven rain, but not the rising waters that would fall under the flood cover.
Many people don’t have flood insurance unless your mortgage company requires it.
Regardless of the coverage you have, there are some things you can do to mitigate the disaster:
- Bring in door items like patio furniture.
- Place valuables on higher ground.
- Put towels under the cracks in the door
- Caulk windows to prevent water from getting inside.