Florida Chief Financial Officer Jimmy Patronis reminds Florida homeowners that the 2018 Hurricane Season is in full swing and the importance of reviewing their insurance policies to understand the type of coverage it provides.
According to CFO Jimmy Patronis, “Last year, Hurricane Irma alone resulted in more than $8 billion in insured losses. If you haven’t already, now is the time to financially prepare for the 2018 Hurricane Season.” He advises that a vital part of hurricane preparedness is making sure that you understand what is and is not covered under your homeowner’s insurance policy so that you can have adequate coverage.
There are eight insurance coverages homeowners may want to consider for hurricane season:
- Windstorm Coverage
- Flood Insurance
- Food Spoilage
- Sinkhole Coverage
- Additional Living Expenses/Loss of Use
- Inflation Guard Endorsement
- Replacement Cost Endorsement
- Law and Ordinance
Once a storm develops, insurance companies may be under binding restrictions and may be unable to obtain a separate policy or add these essential coverages to the current policy. It is imperative that homeowners speak to their insurer to confirm these coverages as soon as possible.
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