Friends of mine in the USA checked their policies and found that the “excess” payable in case of storm damage was around $600.00 per claim.  However, if the damage was caused by a storm “named” by the National Weather Service (i.e. Hurricane I’m Gonna Getcha, or Tropical Storm Pineapple, or Winter Storm Snowy) then the “excess” rose to over $10,000.00.

Here in Australia, friends who’s houses are located 100 metres above the highest ever recorded flood level have seen their premiums skyrocket after the floods.  Many have successfully battled their Insurer (or gone elsewhere) and have secured a huge reduction from the premium originally quoted.

I know it’s boring and tedious but please, and the sooner the better, pull out your full policy document, or download a copy from your insurance company’s website, and take a long hard look at what is covered, but more importantly, what is not and when.  You may be in for quite a surprise.

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