Although we now are in the midst of the 2009 Atlantic Hurricane Season, it is not too late to take the necessary precautions against being adversely affected by a hurricane. For six months of the year, we are held to ransom by these overpowering storms of nature which have the potential of dramatically changing our lives within a matter of seconds.
Despite the many forecasts made, we have seen throughout the years the unpredictable pattern of these forces of nature. While there is nothing that one can do to change their path, there are steps that can be taken to minimize the financial loss that can be suffered.
In order to achieve peace of mind and to ease the potential financial burden, one must seek a comprehensive property insurance package. It is highly recommended that this be obtained early, preferably prior to the hurricane season, as it will not be easily achievable once a storm is looming. The steps to be taken to insure your property are easy and are listed as follows:
- Obtain a current valuation to establish the value at which your building should be insured. This value should reflect the full cost to rebuild the home, walls, gates, fences, and other paved areas within the property boundary lines.
- Make a comprehensive list of all your household furniture, personal effects, electronic equipment, valuables and all other household contents. It is often a requirement of the insurance company that valuations be obtained for valuable property in order to substantiate their intrinsic value.
- Inquire about the scope of coverage being offered. We are exposed to risks all year round, whether it be the perils of nature, such as hurricane, earthquake, flood, lightening damage, cyclone or tornado or perils of man such as burglary, theft and fire. Cover for these other perils are readily available to you through the insurance company.
- Inquire about the additional benefits that may be available to you under the insurance policy. Some for example may offer a ‘Cover All’ policy which, in addition to providing the scope of coverage previously summarized, extends to provide benefits such as the cost of clearing debris from the damaged site, the cost of alternative accommodation if the home is uninhabitable after a loss, and compensation costs to your household employee or third parties should you be found legally liable for injury or property damage suffered by them while on your premises.
Your house and its contents are a hard-earned investment and the guidelines provided are to make it easier for you to achieve financial security in the wake of a storm. The main priority, however, is the preservation of life and the most important thing is to ensure that you batten down, remain indoors and stay safe in the event of a storm.
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