The most costly hurricane in recent North Carolina history, Hurricane Floyd, caused an estimated $1.4 billion in damages – insured damages only. This figure does not account for property lost that was not covered by insurance.
With the 2005 hurricane season having begun June 1, Insurance Commissioner Jim Long wants citizens to be aware of what kinds of insurance they need in order to be fully covered. The typical homeowners policy does not provide protection for many kinds of threats that accompany a hurricane or tropical storm.
“Now is the time to review your insurance coverage and to make sure you have enough to fully cover your property,” Long said. “You don’t want to wait until after a storm hits and you’ve suffered losses to find out that your property was not covered. By then it’s too late.”
“The two largest storm threats not covered by a standard policy are flooding and landslides, and North Carolinians have seen their share of both of these in recent years,” Long said. Homeowners should consult with their agents to assess their needs for flood insurance and/or coverage for landslides. Flood insurance is readily available through the National Flood Insurance Program, but coverage for landslides is not included in flood policies.
For more information about homeowners insurance, citizens can call the Department’s Consumer Services hotline, 1-800-546-5664.
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