This hurricane season put a HUGE dent into the country's economy, according to AccuWeather, with an estimated $290 billion in collective damages caused by hurricanes Harvey and Irma alone.
And there are several weeks to go yet before the end of hurricane season.
In South Florida, JAG Insurance Group was deep in the trenches of Irma and received an influx of calls from concerned clients trying to figure out the steps they needed to take should their homes suffer any damages. The most common claims we encountered were water leakage, power outages for homes/businesses, and roof tearings. Our team promptly addressed these concerns by issuing clients with the corresponding procedures necessary to remediate any damage that may have ensued.
Related: Hurricane preparation step-by-step
From this experience, we compiled the following five biggest takeaways for clients to keep in mind when preparing for a hurricane or dealing with the aftermath of a natural disaster.
Hurricane Recovery Takeaway No. 5: A picture is worth a thousand words.
Document everything! Before and after the storm, take pictures. Your insurance provider doesn't know what you have till you show them. Documenting your home or your business allows them to have a record of damages.
Hurricane Recovery Takeaway No. 4: Fight hazardous mold growth.
You have a responsibility to mitigate further damage. Water and heat can create mold at alarming rates. If water seeps into your home for a few days, it may begin to grow on your walls, corners, and other wood surfaces. Not to mention, the Center for Disease Control and Prevention has stated that mold in your home can cause nasal stuffiness, throat irritation, coughing or eye irritation.
Hurricane Recovery Takeaway No. 3: Drop the pen and do NOT sign an “assignment of benefits” document for anyone.
Contractors or adjusters may tell you that you will not owe money for services if you sign this document, but that's far from the truth. If you do, you lose control of your rights as a policy holder and transfer them to the contractor. In this situation, prices can be inflated and you will not be able to retract the transfer.
Hurricane Recovery Takeaway No. 2: Patience is a virtue.
We recommend that you refrain from filing a claim in a rush, as you may overlook additional damages. Claims departments are very busy as a disaster affects your entire state. You will be assisted as soon as possible.
Hurricane Recovery Takeaway No. 1: Storm surge is not biased.
Between Harvey and Irma, it shows us that even those who are not in a flood zone are susceptible to floods and its life-threatening inundation. Roughly 80 percent of people who were affected by Hurricane Harvey did not have flood insurance. That means a large percentage will have to incur even more debt on their shoulders. It is critical to know that homeowners' insurance does not cover flooding caused by extreme weather conditions.
Fernando Alvarez is a partner at JAG Insurance Group, a full-service property and casualty insurance firm based in Miami, Florida. You can write to him at [email protected].
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