Hurricane season has already started, but it is not too late to protect yourself from losses. First, make sure you have an insurance policy. Many insurance companies cancelled policies after last year’s storms. Next, determine if your policy fits you. If you experienced many losses that were not covered in your last policy, you need an “all risk” policy. An “all risk” policy covers all damage not specifically excluded in the policy.
Finally, keep a list of all property inside your building with photographs and receipts. You will need this to list your losses after the storm. If you don’t have a list previously prepared, you will later have to make one from memory. You can keep a list in a bank safe deposit box, on file with an attorney, or in a hurricane emergency bag to take with you when you leave.
Your insurance policy varies depending on what type of property you own. If you are a business, you need property insurance. If you are a homeowner, you need homeowner’s insurance. If you are a renter, you need renter’s insurance. If you are a condo owner, you need individual insurance for your unit. You must also keep up with your condo association fees.
Property and homeowner’s insurance typically cover all general damage to a structure. Property insurance also pays for certain contents in the building. Some property policies cover the loss of cash and data. Others cover only the loss of office furniture. A homeowner’s policy typically covers up to 50% of personal property inside the home. Renter’s insurance usually covers close to the full value of personal property in the home. Condo unit insurance usually covers almost the full value of personal property and fixtures in the home. Condo association insurance covers shared structures such as common roofs between units and pools. Homeowner’s, renter’s, and condo unit insurance will also cover “additional living expenses” (ALE). Your ALE allows you to stay in a hotel while your home is being repaired. Businesses must buy separate business interruption insurance to pay expenses, such as employee salaries, when the business is inoperable.
No standard policies cover flood damage. You should purchase flood insurance separately if you are located on a flood plain or in an area where you expect damage from groundwater overflow or storm surges.
More Help
Web Links
Small Business Insurance
1. Institute for Business Home and Safety: Getting Back to Business, A Guide for the Small Business Owner Following Disaster.
2. Insurance Advice: Business and Commercial Coverage FAQs
3. The Virginian Pilot: Is Your Business Ready for a Hurricane?
Homeowner’s Insurance
1. Insurance Advice: Free Homeowner’s/Renters insurance quotes and information about insurance coverage and claims
2. Insurance Information Institute: Homeowner’s Insurance Information
3. Mortgage News Daily: Time to Review Your Homeowner’s and Flood Insurance Coverage
Condo Unit Insurance
1. CNN Money: Insuring Your Co-Op or Condo
2. Insurance Advice: Shopping for Condo Insurance
3. The Insurance Information Network of California: Condo Owner’s Checklist
Renter’s Insurance
1. Insurance Advice: The Basics of Renter’s Insurance
2. Insurance Information Institute: Renter’s Insurance
3. Cape Cod Times: Insurance and What To Do Before and After a Storm | 
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