Although hurricane activity in the Atlantic has been relatively quiet so far for 2018 with only five named storms to date, the Virginia State Corporation Commission’s (SCC) Bureau of Insurance is reminding Virginians not to let their guard down.
With more than three months left in the Atlantic hurricane season, the Bureau is encouraging Virginians to act now to protect their property from loss.
Atlantic hurricane season officially started on 1 June and continues until 30 November. From late August to early October, according to a press release issued by the Bureau, it is usually the most active and dangerous time for tropical cyclone activities. Once a hurricane has developed in the Atlantic Ocean, it may be difficult to find an insurance company that wants to write coverage until the storm is over.
With this in mind, the Bureau encourages homeowners, tenants and business owners to keep an eye on insurance policies to ensure they have adequate coverage in case of a hurricane or other disaster. He stated that it is important to know what every politics is doing and understand and understand all the disruptions that must be paid in the event of a demand. In addition, he said that it is important for the Bureau, the insurance company or the agency to reduce the most material loss and to speed up how the claims will be processed if such damage occurs.
“Do not wait until it’s too late,” explains Virginia Insurance Commissioner Scott A. White. “Now is the time to prepare for hurricanes and other disasters. Make sure you have the coverage you need before you know your personality and start to form hurricanes. “
The Bureau encourages homeowners to prepare a complete inventory of personal property, including serial numbers, photographs and videotapes, and encourages the insurance company or agency to look for the property as soon as possible if the property is damaged. They are required to make all necessary emergency repairs to the homeowner and take reasonable precautions to prevent further damage, as well as to record all damages and include receipts for photos, notes and repairs.
If the bureau evicts the house, it is important to bring home, auto and other insurance policies and home inventory, or electronically save it.
The Bureau also encouraged policyholders to consider the following:
Is the house covered in flood, surface water or storm surge? Home insurance policies issued in Virginia usually do not harm homes and businesses due to flood, surface water or storm surge. However, flood insurance can be used through the National Monetary Insurance Program (NFIP). There is usually a 30 day waiting period for a new flood insurance policy to take effect.
Does your homeowner’s policy have a special discount for wind or hurricane losses? These deductions can be applied separately from any other deductions in a host policy and can be written as a flat amount of $ 1,000 or a percentage of the insurance coverage in the home can be applied. The non-deductible amount is the amount that must be paid before paying the insurance company’s compensation portion.
Does the hosting policy provide coverage for things like sewer backup? Most landlord policies do not provide a guarantee for sewer back-up, but policy holders may receive additional collateral for this.
Are the vehicles covered in the event of a hurricane or wind storm? Vehicles will usually be covered by flood and wind damage, unless the owners are outside the scope of the crash, which generally describes their vehicle as part of the automobile policy.
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