INSURANCE: Are you financially ready?

Now is the time to make sure your insurance needs are prepared. Here are a few things to remember:

FLOOD INSURANCE: Most policies must be in effect 30 days prior to an event that causes flooding. Most standard homeowners policies do not cover flood damage and, in some coastal areas, windstorm coverage is excluded.

RENTING: Tenants should consider purchasing coverage for their personal property through renters insurance.

INVENTORY: Make a list of your belongings and record them (photos or videotape). Include a close-up shot of the day's newspaper. Keep your inventory list along with purchase receipts, pictures and your insurance policy in a safe-deposit box or other safe place away from your home.

Water damage: Fire and extended coverage policies, homeowners' policies and farm owner policies cover fire and lightning, wind or hail, but not flood or rising water damage. Flood policies cover flood and rising water damage only. They do not cover fire, lightning, wind or hail. Manufactured Homeowners Policies cover fire, lightning, wind, hail, flood or rising water. Some residents may qualify for flood insurance through the National Flood Insurance Program: (800) 638-6620.

AFTER THE STORM HITS: Contact your insurance agent and ask for instructions on what to do until your adjuster arrives. Be sure to follow the company's instructions when making your claim.

Prepare an inventory of personal property damaged or destroyed and take pictures of the damaged property.

Do not have permanent repairs made until your insurance company has inspected the property and you have reached an agreement on the cost. The company has a legal right to inspect property in its damaged condition and may refuse to pay for any damage repaired before inspection.

If you think that the estimate of the insurance company is too low, you may wish to obtain an estimate from your contractor. A contractor may charge a fee for this service; but usually if he does the repair work, the fee is credited to your bill.

INSURANCE CAN COVER

Fallen trees: Most companies pay to have trees removed from the damaged structure, but not from your yard. Appliances: Most homeowners' policies cover damages resulting from a power surge. Storm-related injuries: Others on your property are covered by most homeowners' policies under medical payments coverages. Vehicles: Debris damage covered under comprehensive automobile insurance.

CONTACT INFORMATION

Questions concerning your coverage?

\>\> Contact the Consumer Services Division of the N.C. Department of Insurance, (800) 546-5664 or (919) 733-2032.

\>\> Attorney General, Consumer Protection, (919) 716-6000.

\>\> Employment Security Commission, (919) 733-3098.

\>\> Federal Emergency Management Agency, (800) 462-9029.

- N.C. Department of Insurance