An authority on insurance and a finance professor at the University of South Carolina warned you need know what your homeowners insurance will cover before any disaster strikes.
Center for Risk and Uncertainty Management co-director Bob Hartwig told South Carolina Radio Network homeowner’s insurance will not cover flood damage. So, if your home is in a floodplain, move your belongings on lower floors before an anticipated hurricane.
“Attempt to take all of your possessions and protect everything you can in the lower part of your home,” Hartwig said.
He said people with homeowners insurance on the coast may have a deductible which requires they cover any losses themselves up to a point.
“People who live in coastal areas very likely have hurricane deductibles on their homeowners policy. Very often that would be two percent of the value of your home.”
He said that the National Flood Insurance Plan (NFIP) has a 30-day waiting period before policies take effect.
Damage caused by wind from Irma should all be covered by standard homeowner’s and renter’s policies, Hartwig said.