In the last season of hurricanes the National Flood Insurance Program exhausted its funds on 31st May and till now the extra aid has been sanctioned only by the House. The programme of the federal government gives coverage to the first $250,000 of losses to building as well as the first $100,000 losses to personal possessions. The majority of the private policies relating to floods cover the losses incurred beyond these thresholds; very few of the insurers give coverage to the initial flood damages.
Ronald Laconi of Chartis Private Client Group (a branch of American International Group) said that in regions like the coasts of Florida the company covers only after what the federal programme insures.
Many of the policies also included hurricane deductibles for damage from winds that can spread out from 2% to 10% of the value of the property and not the real damage. Thus while contracting a policy it is vital to find out and ensure that it includes rebuilding of the houses complying with the latest codes.
Apart from attending to the proper coverage of property by insurance the house owners can focus on other sides so as to bring down the risk factor. Barry Davis of Fireman’s Fund Insurance Company of Orlando said, “In a coastal area, the single most important thing we recommend is the protection of the openings of the house with either storm shutters or impact-resistant glass.”
He pointed out that often the people fail to see that the garage is secured. If the garage is blown in then the structure of the house is threatened. Davis recalled one instance when he had to back cars against the door of the garage to prevent its blowing in.
Todd Triano of Chartis (loss prevention section) said that 80% of the damages done to houses are due to garage doors blowing in. He also underlined that despite having reinforced doors as well as shutters if the salt air had corroded the hooks and the latches then they would not stand up against the onslaught of a hurricane or storms.
The yard too is a danger point. One has to check what there is in it. Triano said, “In Florida the missiles you have to worry about are palm trees and lawn furniture.” Nothing should be left outside or untied when the winds hit the shores.
Kevin Simpson, has been working on USRepos.com studying the foreclosure market, helping buyers on the finer points of California repo homes. Try to visit USRepos.com and find all related information about Repo Homes.
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