Louisiana homeowners reminded to review insurance policy this hurricane season

METAIRIE, La. ( WGNO ) — A big part of preparing for hurricane season is knowing what’s in your homeowner’s insurance policy.

Homeowners should be familiar with the declarations page of their insurance policy, specifically their named-storm or hurricane deductible because that’s what paid out of pocket.

“So, for some people, it’s a flat rate of $1,000, but for most people, it’s going to be a percentage of the total insured value of your home, somewhere between one and 5%, which can be a lot of money,” explained John Ford, the Deputy Commissioner of Public Affairs for Louisiana Department of Insurance .

That’s why financial advisor Gregory Ricks, the CEO and founder of Gregory Ricks & Associates – Total Wealth Authority, recommends making a budget.

“If you haven’t prepared, it’s time to go do a budget audit and see where you stand in case this does happen and you’re not in a bad situation,” said Ricks.

A homeowner’s wind coverage is usually wrapped into their homeowner’s insurance, but Ford says not all policies include wind coverage.

As for flood insurance, it’s a separate policy from a person’s homeowners insurance policy.

According to Ford, it’s not too late to purchase a flood policy , but those interested should act now.

“If you don’t have flood insurance or if you haven’t considered it, which everybody knows the cost of that is rising too, the sooner the better because if you decide today to purchase a flood policy, it’s not going to be effective until a month from today,” Ford said.

If you’re forced to evacuate this season, property owners should have the contact information of their insurance company and either a digital or hard copy of their policy.

“Usually, the easiest way to do that is to download the app for your insurer,” said Ford. “Sometimes those apps do include the contact information for your agents, sometimes they don’t, but best practice would be to have a printed version of all that or handwritten down in case in case your phone loses power, and you don’t have electricity to charge it.”

It’s also recommended to stop at the ATM before you leave town.

“You may be on the road where electricity is out,” Ricks said. “You might not be able to swipe a card, so this is a time to think about keeping a little bit of cash on hand.”

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