RICHMOND — With hurricane season upon us, the State Corporation Commission’s (SCC) Bureau of Insurance reminds Virginians to consider their insurance options before the winds and rains arrive. This includes reviewing the details of your insurance policy to ensure you have the coverage you need.

Hurricane season runs from June 1 through November 30 each year. Once a hurricane develops in the Atlantic, it will be difficult to find an insurance company willing to write related coverage until the storm threat passes.

No matter where you live in Virginia, hurricanes and their resulting flooding can threaten lives and property. Last summer’s Hurricane Irene serves as a striking reminder of the devastating power of these storms in terms of deaths, injuries, and damage to homes, businesses and other property. That storm impacted much of the East Coast, including Virginia, taking dozens of lives and causing an estimated $7 billion in damage.

“Plan now for the unexpected,” said Virginia Insurance Commissioner Jacqueline K. Cunningham. “Protect your family, home, and belongings by making sure you have adequate insurance coverage before the first hurricane starts to form. Know what your policy does and does not cover. Contact your insurance agent or company or the Bureau of Insurance if you have questions.”

The Bureau of Insurance reminds Virginians that hurricane damage very often comes from flooding as well as high winds. Even areas hundreds of miles from the coast are at risk for flooding as hurricanes and tropical storms move inland bringing torrential rains and high winds. Homeowners insurance policies issued in Virginia generally do not provide coverage for damage to your home and belongings due to floods, surface water or surges. However, the federal government does sell insurance for direct flood and flood-related damage to homeowners, renters, and businesses in eligible communities through its National Flood Insurance Program (NFIP). In most cases, there is a 30-day waiting period for a new flood insurance policy to take effect. For more information on this program, contact your insurance agent or the NFIP at 1-888-379-9531 or visit www.floodsmart.gov. Be sure to find out whether your flood policy provides coverage for your contents.

Some homeowners policies contain a special deductible for wind or hurricane losses. These are applied separately from any other deductible on the homeowners policy. Some insurance companies automatically include a wind or hurricane deductible, while others offer this deductible at the policyholder’s option. Wind or hurricane deductibles may be written as a flat amount, such as $1,000. Or, they may be applied to the loss as a percentage of the insurance coverage on the dwelling. For example: assume a hurricane causes damage amounting to $3,000 and the dwelling is insured for $100,000. If the policy has a two-percent hurricane deductible, the policyholder would pay $2,000 and the insurance company would pay $1,000.

Policyholders may also want to consider the following and contact their agent or company for more information:

• Does your insurance pay replacement costs, or actual cash value for a covered loss?
• Are you covered in the event your sewer backs up?
• Are you covered in the event your house is not up to applicable building codes?
• Are automobiles and other vehicles covered in the event of a hurricane or other windstorm?

Plan ahead and know what to do if a disaster strikes your home or business property. The Bureau of Insurance encourages policyholders to prepare a complete inventory of their personal property ahead of time including serial numbers, photographs, and videotapes. Keep this inventory in a safe place, such as a safe deposit box or at work. If a hurricane damages your property, make any necessary emergency repairs and take reasonable steps to protect your property from further damage. Make a list of all damage to the house and its contents, and include photographs, notes, and repair-related receipts.

If you must evacuate, know the name of your insurance company and take your homeowners, auto, and other insurance policies with you. They will contain your policy numbers and the phone numbers of your insurance companies in case you have questions or need to file a claim.

The Bureau of Insurance offers free consumer guides for homeowners and commercial property owners with information about what to do when a disaster strikes. These and many other consumer insurance guides are available on the Bureau’s website at www.scc.virginia.gov/boi.

The Bureau’s specially trained staff can assist consumers with their insurance-related questions and concerns. For more information, contact the Consumer Services Section of the Bureau’s Property and Casualty Division toll-free at 1-877-310-6560 or in Richmond at (804) 371-9185. Consumers who are hearing or speech impaired may call through the SCC’s Telecommunications Device for the Deaf and hard of hearing (TDD) at (804) 371-9206. The mailing address for the Bureau of Insurance is P.O. Box 1157, Richmond, Virginia 23218.

For additional emergency preparedness information relating to hurricanes and other types of disasters, visit www.ready.virginia.gov. This statewide public education effort is designed to prepare Virginians for all kinds of hazards.

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