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Experts say prepare auto, home insurance early ahead of hurricane season – msnNOW

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experts say prepare auto, home insurance early ahead of hurricane season

Hurricane season is looking busy once again, according to experts from Colorado State University, and one of the most import…….





© WESH 2 News
experts say prepare auto, home insurance early ahead of hurricane season

Hurricane season is looking busy once again, according to experts from Colorado State University, and one of the most important items you’ll want to have ready is your insurance.

The nonprofit Insurance Information Institute says don’t wait until a storm is on its way to start preparing financially because it could be too late.

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A spokesperson for the nonprofit, Mark Friedlander, said now is the time to meet with your insurance agent to review your policy, make sure you have the correct coverage and identify any gaps to make necessary adjustments.

Replacement costs have significantly increased because of inflation rates across the country and global supply chain issues.

Florida is said to be leading in the country when it comes to rising rates in homeowners insurance. People are advised to avoid reducing their coverage when looking at ways to save.

“Here’s what you should talk to your insurance agent about, ‘Can I cut my costs if I bundle my coverage? For example, can I get my home and auto with the same insurance company?’ If you do, you might save 20 to 25 percent on each policy – that’s a big savings,” Friedlander said. “Same thing if you raise your hurricane deductible, say from two percent to three percent. Of course, the big caveat is you need to be financially prepared to pay more out of pocket if you do suffer a cover loss.”

People are encouraged to consider flood insurance and auto comprehensive coverage, which protects against non-collision damage.

Friedlander said to consider making your home more resilient to storms, such as installing storm shutters, because it’s another way to help cut back on the cost for insurance.

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Source: https://www.msn.com/en-us/money/insurance/experts-say-prepare-auto-home-insurance-early-ahead-of-hurricane-season/ar-AAW1K42

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