The Louisiana Department of Insurance urges residents across the state to make insurance an important part of your preparedness plan for this hurricane season. There are things you can do now to protect your home and your belongings.
Policy verification. Review your home insurance and flood insurance coverage. Contact your agent to find out exactly what your policies cover and ask about your hurricane deductible. Strongly consider purchasing a flood insurance policy from the NFIP or the private market. Some companies may restrict the sale of insurance once a hurricane or tropical storm enters the Gulf of Mexico. If you need to make changes to your font, do so now.
Home inventory. Create a detailed list of all the objects in your house. Take photos and videos of your stuff. This list will come in handy if you need to file a claim after a storm.
Assess your health needs. Review your health insurance policy to familiarize yourself with what to do in an emergency. Identify your network of hospitals and pharmacies. Keep your prescriptions in the original containers and carry a general first aid kit.
Gather important documents. Keep hard copies of your vital documents in a safe or waterproof box. For insurance policies and other important documents. Also keep the electronic versions.
Frequently Asked Questions:
What is a hurricane deductible?
A hurricane deductible is the amount you pay out of pocket before insurance coverage pays out a claim. Hurricane deductibles are typically 3% to 5% of a home’s value rather than a deductible dollar amount.
What is Additional Living Expense/Loss of Use Coverage?
This coverage provides for living expenses that would exceed the insured’s normal expenses in order to maintain a comparable cost of living after a claim has been made. For example, if a hurricane has made your home unlivable while repairs are being made, Additional Living Expense (ALE) coverage may cover a hotel bill for a period of time. There are limits to FTA coverage and there may also be time limits. Receipts and records are required to receive reimbursement for ALE coverage.
What are the two types of content coverage reimbursement?
Replacement value and actual cash value. Replacement value is what it would cost to replace the item with one of comparable material and quality to be used for the same purpose. Actual cash value is the market value of an item and is the replacement cost less depreciation. Check to see if your policy covers the replacement cost or actual cash value of your contents and use your home inventory to decide which coverage is right for you.
I plan to review my auto insurance policy before hurricane season. What should I look for?
Comprehensive coverage for your vehicles covers damage to your vehicle caused by an event other than a collision. If your vehicle is affected by a storm, flood or hurricane, comprehensive coverage will apply.
Keep up to date with tips and news from the Louisiana Department of Insurance by visiting www.ldi.la.gov. The Consumer Advocacy Office can be reached at 225-219-0619 or 800-259-5300.
