Hurricane Preparedness & Insurance Check Up

Hurricane season is upon us! Actually, it’s been here for a while. Officially, it runs from June 1st to Nov 30th.  But the hot season is fast approaching and it is always worth talking about hurricane preparedness items and, no, we don’t mean the usual items – batteries, water, supplies. Yes of course, all of those are important, but we want to focus on protecting your assets: Like your home, for example! 
This time of year is a PERFECT time for an audit of your home insurance policy.  Some questions to consider asking yourself are:
Is my insurance company an A-rated company? Do I understand my coverage options? What is my current hurricane deductible? 
Commonly, here in Florida, we see this deductible represented as $500 or 2%, 5%, 10%. 
Now remember, there are 2 distinct deductibles to consider within your plan. Your hurricane deductible, and a separate deductible for all other perils. This is also often represented as a $ or % as well.  We think this is simply an exercise of awareness to check your comfort level with what you currently have.  It’s similar to how we view proactive tax planning. We are encouraging folks right now to do a tax estimation as we still have time to adjust and prepare ourselves for a bill.  It’s never good to find out after it’s too late that you didn’t have your withholding set correctly, or in the case of insurance, your coverage set-up correctly.  
As CERTIFIED FINANCIAL PLANNERS, we are comfortable reviewing your policy with you.  If you feel that is needed, please reach out! Otherwise, here’s to hoping it’s a quiet hurricane season!