How to prepare your home — and your finances — for a hurricane

Personal finance


Pop quiz: What’s your hurricane deductible?

Separate from the standard deductible on your homeowner’s coverage, there may be an additional amount you’ll need to pay out-of-pocket before your insurer will cover hurricane damage.

Depending on your policy and where you reside, your hurricane deductible can be as high as 5 percent of your home’s insured value. You could be on the hook for even more if you reside in a high-risk location: Hurricane deductibles in Florida can be up to 10 percent of the insured value.

These deductibles are in effect in 19 states and the District of Columbia, according to the Insurance Information Institute.

The states are Alabama, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas and Virginia.

Be sure to have the money you’ll need either in your emergency fund or in a home equity line.

Further, if you’ve made updates to your home, contact your insurance agent or broker. You’ll probably need to increase your coverage, Camp said.



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