Like many other homeowners on Hilton Head Island, my home suffered damage during Hurricane Mathew. Without going into the details my eventual bill for repairs was around $10,000. Not that much compared with other residents, but enough to put a dent in the family savings.
I have been paying for home insurance since I moved to my current home nine years ago at the rate of around $3,250 per year. Therefore, I was under the impression that any damage from storms or flooding would be at least semi-covered.
I now find that because the hurricane was given a name, my insurance policy is subject to a discount that is larger than the costs of my repairs.
In short, I would have been better off not carrying insurance, but saving my insurance payments over the past years in a personal bank account for disasters. Obviously, my relationship with my insurance company has now come to an end. My only regret is that I was never made aware of the “name situation” when I purchased my insurance coverage. I guess someone forgot to mentions this amendment to my policy.
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Hilton Head Island