Courtesy of iii.org With burglaries constituting approximately 50 percent of all on-campus crimes, according to the National Center for Education Statistics, it is more important than ever that college students and their parents review their insurance coverage. For students who live in a dorm, most personal possessions are covered under their parents' homeowners or renters insurance policies. However, some home insurance policies may limit the amount of insurance for off-premises belongings to just 10 percent of the total amount of coverage for personal possessions. This means that if the parents have $70,000 worth of insurance for their belongings, only $7,000 would be applicable to possessions in the dorm. Not all insurers impose this type of limit, so check with your insurance professional. Expensive computer and electronic equipment, sports equipment, and items such as jewelry may also be subject to coverage limits under a standard homeowners policy. If the limits are too …
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What to Do in a Flood
Courtesy of iii.org Watches/warnings: Flood watches are issued when rain is heavy enough to cause rivers to overflow. Flood warnings describe the severity of the situation and indicate when and where the flood will begin. Flash flood watches are issued when heavy rain is occurring or is expected to occur. Flash flood warnings are issued when flooding is occurring suddenly. In the event of flash flooding, move immediately to high ground. Educate your family and yourself about your community's flood warnings. Evacuation: Plan an evacuation route. Develop a plan for you and your family to communicate if you are separated when a flood comes. Protecting Your Property If you are moving into a new home, apartment or business location, make sure you have adequate insurance coverage. Your bank, local officials or insurance representative can inform you if your location is at risk of flooding. Flood insurance is excluded under homeowners and renters …
Deductibles & You
Courtesy of iii.org This should NOT be a surprise: Your home insurance policy has a separate deductible for hurricane damage. It should be common knowledge because it’s been in Florida statutes on insurance contracts at least since 1997. Yet, when the next hurricane hits, there will be some people shocked to find this out when it has been in plain sight for more than 20 years. Truthfully, it’s in plain sight if you were actually to READ your insurance policy. You’ll find it in two places. On the front of your policy pages, there is this blaring headline in all capital letters: “THIS POLICY CONTAINS A SEPARATE DEDUCTIBLE FOR HURRICANE LOSSES, WHICH MAY RESULT IN HIGH OUT-OF-POCKET EXPENSES TO YOU.” This sentence above is in 18-point, bold type not because I’m yelling, but because that is what the legislation requires. Big, bold and rather in-your-face. The second place homeowners are informed of their hurricane deductible is on the declarations page. This is a one-page …