Does your insurance policy cover hurricane damage?UPDATED 7:55 PM HST Aug 06, 2014Video Transcript
in the next few days. Among the things you want to understand before a storm and not after is "what's covered by your insurance?" It's important to find out now. KITV4's Paul Drewes has some need to know info about your policy.. 01 12 39 nat of siren When the warning sirens sound, will you be covered? Being hurricane-ready means making sure your home is protected - both physically and financially. 10:02 "Everyone should understand the difference between a homeowners, hurricane and flood policy" nat of Iniki When Iniki slammed into Kauai, it not only changed Kauai's landscape it also changed the scope of insurance in the islands. 5:12-5:25 "prior to Iniki, insurers covered hurricanes, but after Iniki many insurers stopped writing the hurricane coverage" standup on Paul Standup Tape@47:50 More than 20 years later, there are plenty of insurers but hurricane coverage is written as a separate policy. Unlike traditional home-owners policies, the coverage only applies when a powerful storms strikes. 8:40 "NWS has to declare a hurricane then policy kicks in, and we experience hurricane force winds. " Hurricane insurance doesn't cover everything in a storm. If wind sends debris through your roof and rain pours in it is covered, but a leaky roof that lets in a downpour is not. Other types of water damage - from storm surge, or rising streams, are not covered by hurricane or even homeowners insurance. You need flood insurance for that. nat of iniki Some may be prepared for damaging wind or flooding rains, but they may not be prepared for the potential financial fallout from a hurricane if your home is damaged it WILL end up costing you. graphic On a median-priced home of $500,000, homeowners with a 2% deductible would have to pay out the first $10,000 of damage after the storm. Those with a 5% deductible would have to pay $25,000. 4:13 "its been a trade-off of keeping premiums down, so that is why homeowners in the hurricane policy retain some of the losses" Homeowners need to not only have the right kind of insurance, but also the right amount. In addition to repairing or rebuilding a home after a storm, belongings inside may be damaged or destroyed. Make sure you have enough coverage to replace personal property. Some may have difficulty submitting a claim because they don't have proof they own it. So it is a good idea, as you review your policies -- take an inventory of possessions, including photos of important or expensive items. And don't forget to keep the lists, pictures and receipts in a safe, waterproof area. PD, KITV4 NEWS.