Although it apparently never made national headlines, Hurricane Ike managed to spread its path of destruction as far north as Ohio. In fact, 84 of our 88 counties ended up with at least some Ike-related damage, albeit nothing as severe as Galveston's. As one can imagine, this generated a large number of claims (although very few catastrophic ones).
While it may seem a bit like closing the barn door after the cows have been blown away, now's a good time to take a look at your home and business insurance policies, to make sure that everything's up to date and all your "stuff" is adequately protected. Have you had a new roof put on in the past few years? Done some remodeling? Added a hot tub or covered porch? All these things add value to your home, but they also need to be brought to your agent's attention.
Two often overlooked items that quickly became "hot buttons" are food loss and debris removal. When the electricity's out for a few days, your food's going to spoil. Some plans just lump that in with the claim as a whole (and thus subject to the deductible); others pay up to a certain amount, and the deductible's waived.
I can tell you from first hand experience that big trees in your yard are expensive to remove (unlike some folks, I'm not allowed to own a chain saw). Again, some companies reimburse these expenses after you've spent a small fortune, while others cover the removal on a "first dollar" basis (up to the specified limits, of course). Check with your agent to make sure that you're appropriately covered.
Businesses also have to be on their toes. A friend of mine told me about a colleague of his who'd had over $100,000 of losses from the storm, but had only $40,000 of coverage. Why's that? Well, obviously we don't have all the facts, but it's a good bet that he hadn't reviewed his coverage lately. Of course, his agent may have been asleep at the switch, as well; regardless, it's important to keep your policies up to date:
Have you bought a new van for the business? How about new computers or cash registers? Added a new location or shop? Make sure to discuss these changes with your agent before another hurricane is bearing down on you.
And remember, it's important to weigh the cost of additional coverage against the increased premiums. Sometimes it's a tough call, but would you rather spend that extra $100 now, or face $10,000 in unexpected losses next time a big storm rolls through?
Give it some thought.
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