How familiar are you with your insurance policy? Do you know what it covers? Your deductibles?

Last week we got a scare with a possible hurricane – and  when that happens we  concentrate on getting supplies, filling gas tanks, maybe putting up shutters if we have them.

Most of us still have failed to do what is really important.

Know what our insurance policy covers. We just pay it automatically – it’s often included in our mortgage payment. When is the last time you reviewed to check if all your information is correct? Do you know what is covered or not? If you need to repair something covered can you use your own contractor or does your insurance company obligate you to a manage repair program? Before renewal time comes, talk to your insurance agent and make sure he or she can offer insurance from various companies.

Should a hurricane or even a strong tropical storm damage your home do you have enough cash on hand to cover your deductible? Do you know what your deductible is? By the way there are two deductibles. The hurricane one which is usually a percentage of your home’s insured value and the non hurricane deductible more of a dollar amount. And this raises the question have you insured your contents for replacement value or cash value? There is a difference because in the latter case depreciation is a big factor.

Finally what do you spend say $150 dollars on without much thought? A family dinner out? A new outfit? Why not on something that might save you a lot more than that? A mitigation inspection.

You most probably had one done when you got your insurance but if you have made improvements to your house, an alarm system, a new roof, you can submit these to your insurance company and get some discounts. Even if you have done nothing, a mitigation inspection can tell you what improvements you may be able to do that would qualify for insurance discounts.

Time to start.