Insurance Review

 Don’t wait until after a disaster to check
 your insurance policy—now is the time to
 prepare. The South Carolina Insurance
 News Service recommends the following
 items for your hurricane preparation list:

• Review insurance coverage with your agent. Know your policy’s deductibles and how your policy handles property that is damaged
  or destroyed.
  
• Ask your agent about ways to reduce chances of loss or damage,
  such as installing hurricane shutters.
  
• Keep your household inventory up to date and store it in a safe place
  away your home.
  
• Coastal residents may need several insurance policies to protect their homes and property from all types of damage.
  
• Purchase wind/hail coverage (if not included with your policy). There is a 15-day waiting period for coverage to take effect.
  
• Purchase flood insurance. There is a 30-day waiting period for coverage to take effect. Flood insurance is not part of most homeowner, mobile home, or renter’s insurance policies.
  
• You cannot buy homeowner/renter’s insurance after a hurricane watch or warning has been issued.
  
• If you evacuate, carry your agent’s name and phone number, policy number and insurance company’s claims phone number with you.

• Catastrophe Savings Accounts can be set up by homeowners—state income tax-free—to pay for qualified expenses such as deductibles or uninsured costs associated with a hurricane, flooding or windstorm event.
  
• Insurance Premium Discounts are available up to about 25 percent if you have made your home more storm resistant.
  
• Income Tax Credits are available for property owners who purchase building supplies to make their homes more storm resistant to hurricanes, flooding or catastrophic windstorm events or for low-income property owners who pay more than 5% of their incomes toward insurance premiums.

For information on preparing for hurricane season, taking a home inventory, wind and hail insurance or settling claims following a disaster, log on to the South Carolina Insurance News Service Web site at www.scinsurance.net.