Steps to Protect your Assets if a Hurricane Aproaches
It has been three (3) years since Hurricane Katrina devastated both Florida, Louisiana, Mississippi, and Alabama. The 2005 Hurricane Season was one of the worst on record and caused billions of dollars in damage. The 2008 Hurricane Season is now upon us; having started on June 1st, the hurricane season runs through November 30th. The 2008 Hurricane Season was predicted to be “above average”, however to date the season and the tropics have been relatively quiet with only a few named storms, and only one that impacted south Texas. Historically however, the worse storms form in August through October. Your insurance company has not forgotten about the damages paid out in previous years. Policy owners in effected coastal and hurricane zone areas have seen rate increases year after year to pay for past losses and payouts for property damages. As a result, now is the time for home and property owners to evaluate their property casualty insurance to assure that they are covered in case of storm damage loss.
(1) Take photos and make a list of your personal property - A photograph is worth a thousand words. Take as many photos as possible of your personal items, and your home to assure that the insurance company can see the state of your home prior to the storm.
Maintain trees and shrubbery and other outside objects in a safe location - trees and shrubbery branches often become missiles during a storm, and uprooted trees can actually damage roofs and trusses by colliding with houses.
Take photos immediately after the storm of damages - Again, a photograph or even a short video is worth a thousand words. If you end up in an eventual dispute with your insurance company regarding damages the photos and videos you take right after the storm are normally your best evidence to show that damages occurred.
Keep your important documents in a safe place - Assure sure you have birth certificates, auto titles, deeds, financial documents, and any other important documents. A small lock box, or hand held file carrier can be transported easily and is a safe way to transport documents with you if you are required to evacuate your home.
If you lose power, save all receipts for food, hotels, and other expenses - If you are forced to evacuate your home quickly by authorities as a result of a pending storm; make sure you save your out of pocket expenses for spoiled food, hotel stays, and other expenses for having to leave your home.
Contact your insurance company as soon as possible - Don’t wait to contact your insurance company to see if there are damages, most likely the insurance company will be swamped with calls for damages; get inline and contact your insurance carrier to assess your damages.
Record the time it takes you to clean-up. It may reimbursable. - Take notes on all the hours and expenditures you have for your clean-up efforts. Things such as hotel, gas, and sometimes even food receipts may be reimbursable under your policy.
Record the name and date of the insurance adjuster that visited your home. - Your insurance company has an affirmitive duty to record dates and times of calls regarding your case. But guess what ? They rarely track as closely as they should. Your evidence that you contacted and informed them of your damages may become a key issue in case their is a dispute regarding your damages.
Make sure you are given a claim number by the insurance company - Once you contact your insurance company ask them for a claim number and note the time and date of your call and if possible the person you spoke with on the phone. Note every call you make to the insurance company regarding your claim.
Do not sign any documents that say ‘release’ - Do not sign any releases on your claim. Depending on your state statutes, you may have several years to report a claim for damages.
If you feel you have been underpaid on your claim contact an attorney that specializes in first party contract claims. Insurance companies are in business because they take in more then they pay out, and the first pass of reimbursement for damages may not amount to what you are due under the policy for final damages as a result of your loss.
If you feel you have been underpaid on your claim contact an attorney, your insurance commissioner, or even a public adjuster if your state allows that specializes in first party contract claims. Insurance companies are in business because they take in more then they pay out, and the first pass of reimbursement for damages may not amount to what you are due under the policy for final damages as a result of your loss.
Atty Chris Lim :: Sep.03.2008 :: Business :: No Comments »
