Insurance and Annuities Blog

Ohio Insurance - Preparing for Natural Disasters

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Ohioans Encouraged To Prepare For Disasters

A smart disaster preparedness plan includes insurance protection

COLUMBUS - Wildfires, flooding, tornadoes, - disasters strike everywhere in the U.S. That's why spring disaster season is a good time to make sure your insurance needs are in order, especially your homeowners or renters policies. Ohio Department of Insurance Director Mary Jo Hudson is encouraging Ohioans to take some time to re-familiarize themselves with their policies and to address any questions with their insurance agent or company.

Director Hudson offers these tips when developing a disaster plan:

• To begin a review, start with your home inventory. Creating an inventory and storing it in a safe location away from home is one of the most basic - and effective - disaster preparedness steps you can take to help protect yourself and your financial future. A home inventory can save you time and headaches when filing a claim following a disaster.

• It is important to review your inventory each year. Remember to note the make, model, serial number, purchase price and date of purchase of any new items and keep copies of receipts for major purchases with your inventory. If you've purchased or have been given jewelry and/or art, make sure to have it appraised. And, don't forget to take photos and/or video of the new items. Once you have a complete home inventory, talk with your insurance agent or company to make sure you're not under- or over-insured.
• Also, make sure you know whether your policy includes coverage for replacement cost or actual cash value in case of a loss. Actual cash value (ACV) is the amount it would take to repair damage to your home or to replace its contents after allowing for depreciation. Replacement cost is the amount it would take to rebuild or replace your home and its contents with similar quality materials or goods, without deducting for depreciation.
• Store copies of your insurance policies with your inventory in a safe location away from your home, so that these records can be easily retrieved in the event of a loss. Most families have life, automobile, and homeowners or renter's insurance policies. Some families may also have a flood insurance policy or other types of policies. Before you store the insurance policies, review them to verify that they meet your needs. Make sure you know your policy limits, deductibles, exclusions and policyholder claims notification requirements, before disaster strikes.
• Keep a list of contact details for your insurance agent and/or company with your policies. Include office phone numbers, mailing addresses, Web site addresses and all of your policy numbers for quick reference.
• Losses due to flooding are not covered under a regular homeowners or renter's insurance policy. If you are in an area where flooding is a concern, talk with your insurance agent or company about a flood policy through the National Flood Insurance Program (NFIP). Remember, there is a 30-day waiting period before a flood policy goes into effect.

• There are steps you can take to mitigate - or lessen - your exposure to some types of disasters. In a wildfire area, this might mean clearing brush from the perimeter of your home. In areas where tornadoes frequently occur, this might mean removing damaged or diseased tree limbs hanging over your home.

• When assessing your home following a disaster, remember to photograph and/or video tape any damage. You should also make repairs necessary to prevent further damage to your property (e.g., cover broken windows, leaking roofs, etc.), but do not make permanent repairs until you have received written approval from your insurance company or their designated representative. Keep receipts for any necessary inspections or repairs you make, because they might be reimbursable under your policy. Until the claim is settled to your satisfaction, keep any damaged personal property for the adjuster to inspect.

• File your claim as soon as possible. Call your insurance company or agent with your policy number and other relevant information. Keep a detailed list of conversations and correspondence with your insurance company and/or agent. Include the name of the person you spoke with, their contact information, the date and time of the conversation and notes of what was said. Be sure to cooperate fully with the insurance company and provide all information requested. Providing incorrect or incomplete information might cause an unnecessary delay in processing your claim.

• If there is a disagreement about the claim settlement, ask the company for the specific language in the policy that is in question. Find out if the disagreement is because you and the insurance company interpret your policy differently. If this disagreement results in a claim denial, make sure you obtain a written letter from the company explaining the reason for the denial and the specific policy language in your policy under which the claim is being denied.

• If offers made by an insurance company do not meet your expectations, be prepared to negotiate with the company to get a settlement that meets your expectations.