Weather experts warn that the U.S may be
entering a cycle of intense hurricanes, and that a major hurricane
is very likely to occur on the Eastern Seaboard within the
next 25 years. The recent spate of hard-hitting Gulf Coast
hurricanes is seen as evidence that a future Eastern Seaboard
storm may be imminent. As a result, insurance experts are
advising that all Eastern Seaboard residents check their homeowners’
policies to ensure they have adequate hurricane coverage.
"Eighteen states, including New York, New Jersey, Connecticut
and Delaware, allow insurers to issue homeowners policies
with hurricane deductibles," notes Dale T. Krupowicz,
Manager of Kornreich-NIA’s VIP@NIA For Life
Division. "The problem is that many homeowners believe
they are fully covered for hurricane damage when they are
not. Gaps exist when major changes to the home, such as renovations
and upgrades, are not added to the policy or factors like
home appreciation and the rising cost of construction are
not taken into account. In such cases, homeowners may have
to shoulder a larger portion of replacement costs."
Another issue is that some policies do not provide unlimited
guaranteed replacement coverage and instead have caps set
on the total payout amount. "If your home has a high
market value and a hurricane damages your residence, then
the cost to rebuild may very well exceed the insurance reimbursement,"
says Krupowicz. Other unforeseen costs include hurricane-related
problems, such as fungus and mold due to water damage, which
is generally excluded or limited from homeowners policies,
and flood damage, which is also usually excluded."The
best way to protect yourself – and your home - is to
update and check your homeowners policy regularly and discuss
the need for flood insurance with your insurance representative,"
adds Krupowicz. "Your advisor can help you choose the
appropriate policy to suit your needs as well as keep an eye
on changes to your various insurance contracts."
East Coast residents, especially those who live close to
or on the shoreline, can also take preventive measures to
avoid or minimize potential damage from a hurricane. These
include replacing existing home construction materials with
more resilient structures, such as impact-resistant windows
For more information, contact Dale
Krupowicz at (212) 867-0070 or firstname.lastname@example.org.