Most insurance companies will not issue new homeowners coverage once an area has been placed under a hurricane watch or warning by the National Weather Service. This moratorium usually remains in effect for 48 hours after the watch/warning has lifted.

Make sure you have an adequate inventory of personal property. This inventory should include receipts, serial numbers, photographs and video tapes when possible. If your property is damaged by a hurricane, you should take all reasonable steps to protect it from further damage. Then prepare a list of all damaged and destroyed property.

1. Your first official step is to fully complete our claim form and return same to your broker representative or us, ASAP but definitely within 30 days. The forms are available from your brokers, our office or web site.
2. For contents, prepare an inventory of damaged / lost items available with date of purchase, purchase price, replacement cost or repair estimate.
3. For building, have a detailed estimate from the person(s) you intend to have restore it.
4. Make yourself available for claims adjuster.
5. Allow at least one hour for adjuster to survey premises and take photos etc. (Have documents ready, e.g. site plan, claim documents).
6. Make sure to point out all known damage.
7. The adjuster will have local rates sheets for similar types of building repairs and will prepare his costing based on measurements taken by him.
8. If his costing is in line with estimate / claim made by you the adjuster might request that you sign Proof of Loss Form which verifies that you accept the amount proposed to you by the adjuster as your loss.
9. The adjuster will then send their report to us and we compare your loss with the policy coverage in place.

Info required about Damaged items:

• Item Description
• Year Purchased
• Original Cost
• Replacement Cost or Repair Cost

Indemnity or market value refers to an instance where a deduction is made for wear and tear. The amount which is paid is the amount required to replace the item with a replacement of the same age and in the same condition. This option however is rarely chosen and some insurers do not offer this type of cover.

The other option is new for old or reinstatement. Here the full cost of replacing the item as new is paid. Most insurers deduct a certain amount for wear and tear in certain circumstances; such as clothing and household linen. A deduction may also be made if the sum insured is inadequate or for property over a certain age.

An insurance policy is a contract between you and an insurance company, in which the company promises to take over the financial costs of certain risks. The policy describes the item(s) covered, the risks you are covered against and specifies your rights and responsibilities, along with the terms and limits of the cover.

Indemnity is the legal principle that the policyholder should be restored to the same financial position that they enjoyed prior to a loss occurring. There are a number of options opened to an insurer which will provide the policyholder with the necessary indemnity and these are:-

• Cash Payment
• Repair
• Replacement
• Reinstatement

An excess is the first part of each and every claim or loss which is excluded or the amount of the claim which is deducted from each claim. That amount of the loss is born by the insured. Either a specified dollar amount or a percentage of the claim amount.

Deductibles on the other hand is a very large excess and it is common to see the word deductible rather than excess in commercial policies and home owners polices, whereas a number of you who have vehicle insurance would see the word excess. Nowadays, however, it is common to find the terms being used interchangeably.

Proximate cause is the initial act or occurrence which sets off a natural, uninterrupted and continuous sequence of events that produces damage. In the absence of the initial occurrence which produces damage, no loss or damage would have resulted. Therefore when an insurance company asks you what was the proximate cause of house being burnt, they are not necessarily referring to the fire but what caused the fire.

For an event to be insurable its happening must be accidental and not deliberate on the part of the insured. An example of a non-fortuitous event or loss is an insured intentionally setting his or her home on fire. The event must be fortuitous as far as the insured is concerned.

Information that would affect an insurance company's willingness to accept a policy, or the premium it would charge. Failing to disclose a material fact could invalidate a policy. Typical examples include previous driving convictions or a history of subsidence in a house.