Property Recovery after Hurricane Matthew: What You Need to Know
The southeastern United States was hit hard by Hurricane Matthew. After the departure of the elements there will be a huge number of requests to insurance companies to compensate for the material damage to Americans.
Edition Time collected tips on how to recover property after a hurricane.
1. If Matthew damaged the roof of your house
Wind damage to your home is covered by standard home insurance programs, regardless of whether you own a house or apartment. However, in different states there may be a different amount of deductible amount. For example, in Florida, you have to pay up to 15% of the cost for the restoration work.
Restoration of personal belongings and furniture damaged by water that has entered the house through a hole in the roof is also covered by insurance, but the insurance will not pay for the restoration of things damaged by water that has entered the house due to flooding.
2. Water from the street penetrated your home
Damage caused by water infiltrating from the street is not covered by standard insurance. Insurers have stated this many times, but people constantly forget about applying for flood insurance or simply don’t want to spend extra money on it.
Flood insurance can be issued through state insurance services - prices depend on the area in which you live and the flood risks in this area.
3. A tree has fallen on your house
Falling a tree on a house is the most common hurricane damage. It is covered by insurance, but insurance companies usually start by paying those hardest hit, so it takes a while to get home to those damaged by falling trees.
You can take the first necessary steps to repair your home yourself by taking a photo of the original damage beforehand - insurance will cover your expenses.
Photos can also be uploaded to the app. Know Your Stuffwhich will assess the damage to your home and give you the approximate amount of insurance payment you receive.
4. Your car has been flooded or damaged by debris.
Auto damage is the simplest property damage that a hurricane can cause. Vehicle recovery after a disaster is covered by general vehicle insurance. It is optional in many states, but most car owners buy it anyway.
It doesn't matter if your car was in the garage or on the street, damaged by a tree or a falling wall - the insurance will cover everything.
5. Your insurance company went bankrupt.
In 1992, Hurricane Andrew caused losses of $ 24 billion in Florida and Louisiana. In this regard, some insurance companies have gone bankrupt.
But at the moment, the insurance industry has a solid financial base, which, according to experts, is about $ 680 billion.
Therefore, if small companies go bankrupt, a deposit guarantee fund will enter, and their clients will not be left without proper assistance.
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