This message is mostly intended for our clients and friends along the east coast, but there is a good lesson here for all of us. When Hurricane Matthew came to visit recently, there was the potential for devastation like we haven’t seen since Hurricanes Andrew and Katrina. Until the last minute “wobble” that took the storm 15-20 miles farther east than projected, it looked like it was taking aim directly at Cape Canaveral. Had the eye of the storm passed over that area, we would have faced untold damage from winds and possible severe flooding from the projected ocean surge. We definitely dodged a bullet!
We hope that, by now, everyone in the Central Florida area has finished cleaning up and making whatever repairs were necessary in the aftermath of the hurricane. We have heard from many of you and are happy to report that most had only minor damage, if any, and were mostly dealing with yard cleanup; although, I have heard from a few that are going through some major repairs. And we only need to look to the deaths and devastating flooding that occurred in North Carolina to realize how lucky we were.
A major storm like Matthew is a great reminder of how important it is to make sure that your homeowner’s and other property insurance coverages are adequate. As the storm approached, my wife and I and our pets evacuated our home on Merritt Island for the safety of the mainland. I must admit that, as much as I dislike paying my flood insurance premium each year, I felt a certain degree of comfort that if a storm surge damaged our home, we were covered.
If you haven’t reviewed your property insurance coverages recently, this should be your wake up call. This is especially true for those of us who live in Central Florida, where hurricanes are a part of life. If you are unsure of your coverages, or would like to have us review them for you, please reach out to schedule a meeting. Remember, that as a Fee-Only advisor, we don’t sell insurance products. Our motivation is simply to make sure that you are properly covered so that when the next big one heads our way, you have the peace of mind that comes with knowing that you’re covered.
By Bob Rall, CFP®