III hopes East Coast has learned lesson after Hurricane Irene
After many years of not being hit by a major hurricane, some East Coast homeowners were reminded that their area is vulnerable to major storms after Hurricane Irene. As a result, Jeanne Salvatore, president of the Insurance Information Institute, hopes the hurricane served as a wake-up call to residents.
"Those who take the time to prepare for a disaster are in the best position to survive a catastrophe and recover as quickly as possible," said Salvatore.
With hurricane season not ending until November 30, the III is reminding residents of what they should have on hand should another storm affect the Atlantic region.
In addition to updating one's homeowner's insurance policy, the III says property owners should maintain a home inventory, determine how at risk they are for flooding by visiting FloodSmart.gov and getting a better understanding of what a hurricane deductible is.
A hurricane deductible is the amount of money policyholders pay out of pocket for damage before the insurer handles the rest. The III says this deductible generally involves a percentage rather than a set amount.
According to multiple reports, many policyholders' hurricane deductibles were waived by Connecticut insurers in the aftermath of Hurricane Irene.
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