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CFO Sink Urges Financial Preparations at Start of 2010 Hurricane Season

6/1/2010

CONTACT: Kevin Cate (850) 413-2842  
 
TALLAHASSEE– Florida CFO Alex Sink today reminds Florida homeowners and small business owners to review their insurance policies and make sure they have their financial documents in order at the start of the 2010 Hurricane Season. CFO Sink is urging Floridians to visit the Department of Financial Services (DFS) website, at www.MyFloridaCFO.com, or attend a free DFS Disaster Preparedness workshop to learn more about getting financially prepared.
 
“Preparing for a hurricane includes protecting your property and your family, but also your pocketbook,” said CFO Sink. “Floridians and small business owners should secure their finances for a hurricane the same way they would secure their homes, leaving no financial windows open to devastation.”
 
Top 5 Tips to Prepare Financially for Hurricane Season
 
Review your insurance policy to make sure you have the coverage you need to rebuild or repair after a storm. Renters should also have coverage for contents.
If you do not have flood insurance, get it now.  Even a home or business that is not located in a flood zone can be damaged by rising waters.
Know and plan for your deductibles, what you will pay out of pocket, if your home or business is damaged in a storm.
Video and inventory your property, including any receipts and serial numbers. This will help speed up any claim payment.
Keep copies of your important insurance and financial records in multiple locations such as a safe deposit box, in a waterproof container you can take with you should you need to evacuate, with a relative or friend, or in electronic format.
 
The Atlantic Hurricane Season begins today and continues through the end of November.  Weather experts have forecasted an active season. In addition, a recent survey commissioned by the Department of Emergency Management finds that two-thirds of Floridians do not accurately understand their level of risk.  Last month, to help Floridians prepare, CFO Sink’s outreach coordinators held or participated in more than 40 free disaster preparedness workshops for homeowners and business owners, and will continue to offer the free workshops through the end of the season.
 
Top 3 Reasons that Insurance Claims are Denied:
 
·         Insufficient documentation.
·         Lack of adequate insurance coverage.
·         Failure to retain proof of damage.
 
Property owners need to understand that flood damage is not covered by standard insurance policies, even when the flood is caused by a hurricane.  Flood policies are written by the National Flood Insurance Program exclusively. For more information about flood insurance, visit the NFIP Web site at www.floodsmart.gov.
 
The theme of the Department’s disaster preparedness workshops is “Insure, Secure, Recover,” and feature presentations that walk Floridians through the steps they should take and the questions they should ask their insurance agent to ensure their property and their families are protected. To request an event or to view the schedule of outreach events in your area, visit www.MyFloridaCFO.com or call (850) 413-3089 or toll-free at 1-877-My-FL-CFO (1-877- 693-5236)
 
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