Virginia state insurance regulators are cautioning homeowners to review their policies as the hurricane season begins. Regulators note that several insurance policies include deductibles for wind damage caused by hurricanes, but many others do not. This disparity leads to lapses in coverage that are prevalent throughout the state. The State Corporation Commission says that even if homes are protected against wind damage, there is still the possibility of water damage.
Regulators assert that the majority of hurricane losses stem from flood damage. The majority of property insurance policies available in the state do not include protections for such damage. Flood insurance is often inexpensive, but few people opt to purchase policies because of the rare occurrence of flooding in certain areas. Still, regulators are urging homeowners to obtain coverage either through the National Flood Insurance Program or other means, just in case.
Residents should also make sure that their vehicles are properly protected as well. When compared to homes, concern over cars often falls by the wayside. Regulators suggest that residents review their auto insurance policies to ensure they have adequate hurricane or wind damae protection.
State regulators also caution that it takes 30 days for new flood insurance policies to become active. If uninsured Virginians buy coverage now, it will take effect during the height of the hurricane season, which is expected to be a rather active time of year for major hurricane activity.