- 2024-07-29
- Posted by: kimsite
- Categories: Commentary, Insights, News
Click here to listen to the full interview.
BOB VAN DILLEN: As we continue to monitor the tropics, now’s the perfect time to prepare for what’s expected to be a hyperactive season in August and September. Navigating insurance costs and policies can be very tricky and overwhelming for most people, especially since your home insurance may not be enough when it comes to hurricanes. Take it from me—you never know. Today on Fox Weather, we’re breaking it all down for you. We’ll help you keep yourself and your family safe and aware this hurricane season. Let’s bring in Fox Business Network contributor Scott Martin. Scott, it’s always great to talk to you, my friend. Give us your best tips for living in a hurricane-prone area right now.
SCOTT MARTIN: Yes, do everything you can, Bob, to prepare. Preparation is key, not only in terms of getting the right policies that will cover you—which we’ll talk about in a moment—but also in taking care of your home. Check the windows, check the hurricane shutters, check the area around your house. Basically, fortify your home as much as possible for a potential storm. Like you mentioned, I have a place down in Captiva, Florida that got hit hard by Hurricane Ian. We weren’t fully prepared from a fiscal standpoint, despite the insurance, for the impact Ian had a couple of years ago.
BOB VAN DILLEN: Yeah, I remember that one. It was a terrible storm that ravaged that part of the coastline and even flooded portions of lower Georgia. There’s a new wrinkle now: companies are starting to cut back on providing insurance for residents in disaster-prone areas. What should residents do if that happens to them?
SCOTT MARTIN: You need a good insurance broker. After Hurricane Ian, we lost two additional insurance companies that we were relying on for future policies. We used a local Florida insurance broker who found policies similar to what we had before, covering wind, flood, and homeowners insurance. You can find a local broker through a Google search who can help you find companies still offering coverage. One of the companies we lost went bankrupt after Ian, and the other left the area entirely. A broker can help you find the necessary coverage so you’re prepared for future hurricanes. I’m worried about how warm the Gulf water is and how storms might develop in the Gulf of Mexico this year.
BOB VAN DILLEN: No question. By the way, we share something in common—my first girlfriend was named Debbie too.
SCOTT MARTIN: That’s a very scary coincidence, considering the storm potential we’re facing.
BOB VAN DILLEN: It doesn’t bode well for people around South Florida. Is there a difference in hurricane insurance coverage between a named storm and a non-named storm?
SCOTT MARTIN: It shouldn’t be too different, depending on the policy. FEMA and other disaster recovery insurance depend on government assessments of storm severity. If a storm is named and has a significant impact, local and national governments may provide additional aid beyond insurance payouts. However, as long as the policy covers the necessary requirements, there shouldn’t be a major difference between named and non-named storms. Government assistance usually kicks in for major disasters, like Hurricane Ian.
BOB VAN DILLEN: That’s a good point. I remember when Sandy hit, and there were concerns about whether it was still a named storm when it made landfall. Flood insurance is another issue. Many people don’t know it’s not included in homeowner’s insurance.
SCOTT MARTIN: That’s right, Bob. You need separate policies for wind, flood, and homeowners insurance. Just having home insurance isn’t enough in high-risk areas like South Florida. You need to cover all bases to protect yourself from storm damage. It’s also important to note that premiums for these policies have increased significantly since Hurricane Ian. They have come down slightly this year, but you still need to ensure you have comprehensive coverage by working with your insurance company and local brokers.
BOB VAN DILLEN: I’ve noticed this too. Is there such a thing as beach erosion insurance?
SCOTT MARTIN: Some policies might cover beach erosion, but typically it’s something homeowners need to address on their own. Places like Martha’s Vineyard have seen significant erosion, and homeowners often have to spend their own money to protect and restore beaches. It’s a constant challenge everywhere these days.
BOB VAN DILLEN: Holy cow, yeah. So death, taxes, beach erosion, and old girlfriends named Debbie.
SCOTT MARTIN: My goodness, we might be in some trouble here.
BOB VAN DILLEN: When you come back into town, we need to get you on the show live. It’s always fun talking to you. Fox Business Network contributor Scott Martin, thanks for joining me today on Fox Weather. I appreciate it, man. We’ll talk to you soon.
