Insurance gaps that could cost you in a hurricane
Insurance gaps that could cost you in a hurricane

Predictions for a less-active hurricane season are no excuse for ignoring gaps in your insurance coverage.

The National Oceanic Atmospheric Administration has said it expects three to six hurricanes this season, which kicks off June 1 and runs through Nov. 30. The agency is also anticipating eight to 13 named tropical storms.

Better odds, maybe, than homeowners face in a typical season that has six hurricanes-but it only takes one big storm to do serious damage to your home.

"A lot of people don't have enough insurance when a hurricane hits," said J. Robert Hunter, director of insurance for the Consumer Federation of America.

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In particular, there are six coverage gaps that could result in higher out-of-pocket costs should a storm hit-or even mean you're not covered at all:

Flood insurance

"The biggest missing piece is usually flood insurance," said Hunter. Most homeowners' policies cover wind damage from hurricanes and other storms, but specifically exclude flood damage. For that, you'll need flood insurance through the government's National Flood Insurance Program or a private insurer.

Odds are good that even if you live in an area where flood insurance is required or recommended, you don't have it-by Hunter's estimates, just 10 to 40 percent of homeowners in flood zones do.

"Places with recent hurricanes tend to have more coverage than in areas where there hasn't been a hurricane in a while," he said. Shifting flood zones may mean homeowners aren't aware they're considered at higher risk than a few years ago. (FloodSmart.gov offers a tool to help assess risk and find flood insurance coverage.)

There's a 30-day waiting period for new flood insurance policies to take effect, so this is one gap that's best addressed early on in the storm season, said Loretta Worters, a vice president at the Insurance Information Institute. Already covered? Even then, be aware that flood insurance doesn't cover all flood damage. There are a number of exclusions and limitations, particularly for basements .

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Hurricane deductibles

In most cases, homeowners pay a deductible of as little as $500 before coverage kicks in. But if your policy has a hurricane or windstorm deductibles, you could be on the hook for an amount equivalent to 1 to 5 percent of the insured value of your home, said Peter Kochenburger, executive director of the University of Connecticut's Center for Insurance Law.