Hurricane Takeaway Tips with The Coastal Leaders Realty Group
Summertime is upon us, and with that comes April showers, May flowers and the inevitable — hurricane season.
Gloria Sims Crump, AKA “The Queen of Real Estate,” is the broker/owner of one of the newest businesses at The Wharf, The Coastal Leaders Realty Group. Gloria has been selling real estate along Alabama’s Gulf Coast for 17 years and has put together three important hurricane “takeaway tips” for those of us that live on the Gulf Coast. Take a look and be sure you and your family are prepared.
- Flood insurance: Regardless of if you are in a flood zone or not, we always advise clients to purchase flood insurance. Subdivisions’ drainage systems and roadways are not all equipped to handle the amount of rainfall. For those of you that were here, this was witnessed during the September 2020 Hurricane Sally storm. Several homes were affected from the street side as well as from retention ponds.
- Boat Dock and Pier Insurance: Yes, you can buy insurance coverage for your boat dock and pier. We highly advise obtaining quotes. It might not be much but, every little bit helps!
- Dwelling Coverage and Deductibles: So many homeowners tend to think it is wise to over insure their home for what the actual value is of the entire property. For instance, the property is worth $500,000. The replacement dwelling coverage based on the square footage could be $300,000. There is a 5% hurricane deductible based on dwelling coverage. In this case, the deductible is $25,000 for each claim instead of $15,000. For example, because of recent Hurricane Sally’s damage, extensive repairs to your home will be needed. The total amount of repairs adds up to $25,000. Since your deductible was $25,000, you will be paying for all the repairs out of pocket. If the dwelling coverage was $300,000, you would save $10,000. P.S.: These are examples and not to be taken as actuality in real-life scenarios. All in all, you’ll want to make sure you are covering your home adequately!
You never want to be underprepared against mother nature. For more information on The Coastal Leaders Realty Group, or to contact Gloria, click here. We hope you all have a safe and happy summer season!