Insurance first step to protecting investments from hurricane

Boarded windows may save homes and emergency rations may save lives, but when the wind stops blowing and the water has receded, the only way to protect a financial investment is to make sure it was insured in the first place.

With hurricane season officially here, Rio Grande Valley homeowners and renters need to find out if their homes are guarded from winds and flooding.

Residents need to think of three kinds of insurance: homeowners and flood insurance, and in some areas, a separate windstorm policy. Insurance agents and state officials encourage all homeowners to review policies and make sure their home is covered in all instances.

Standard homeowners' insurance policies will cover windstorm damage, except in coastal counties, such as Cameron and Willacy, said Jim Oliver, general manager of the Texas Windstorm Insurance Association.

Windstorm coverage would protect homeowners from any wind-related damage, such as roofs, awnings and broken windows.

Cameron and Willacy counties residents need to go through the Texas Windstorm Insurance Association. The median policy costs about $1,000 a year, Oliver said.

Flood insurance is also an essential part of planning for a hurricane. All flood insurance is administered through the National Flood Insurance Program, a part of the Federal Emergency Management Agency, said Jerry Hagins, a spokesman for the Texas Department of Insurance.

Many populated portions of Hidalgo and Cameron counties can be prone to flooding, particularly anywhere south of Expressway 83.

There are also flood prone areas in northern parts of the county. Flood insurance rates vary depending on how prone a neighborhood is to flooding.

Insurance agents also encourage citizens to take a household inventory to expedite getting a claim in the event of a disaster, said Joe McCormick, a spokesman for Allstate Insurance in Texas.

"It can be a simple as going around your house with a video camera," McCormick said.

Writing down model and serial numbers can also ensure homeowners and renters get full value for any damaged goods.

Once that's done, McCormick recommends homeowners gather all necessary paperwork, including insurance policies, passports and medical documentation, and put it in a safe, dry place, such as a safety-deposit box. Many people also store digital photos, video and inventories on the Internet in an e-mail account.