Hurricanes are known for their catastrophic damage and devastating winds of over 155 miles per hour. Not only do hurricanes damage coastlines, but they can travel inland by hundreds of miles, wreaking havoc. As airborne debris travels, it can break doors and shatter windows, allowing rain and high winds to infiltrate a house or place of business.
This is why you need Fort Walton Beach hurricane insurance coverage, especially if you live in a coastal state like Florida.
A natural disaster can strike at any time, and an insurance policy is the only way to protect your home, possessions, or your business.
How Does Hurricane Insurance Work?
Hurricane insurance isn’t a separate policy. It refers to a hurricane deductible that is part of your homeowner policy. If you experience damage due to a hurricane, you have to pay an extra amount (a deductible) before your insurer pays to cover any hurricane damage.
Hurricane insurance is a special kind of catastrophe insurance. It covers damage from extreme winds since the winds are what primarily cause damage. High-risk states that are prone to hurricanes usually offer policies that include hurricane insurance but you should double check for a Hurricane or Named Storm deductible to be sure.
If you file a claim for hurricane damage, you’ll pay a separate deductible from your homeowner insurance. The majority of homeowner policies have fixed deductibles.
All other Peril Deductibles tend to range from $500 to $5,000 and Hurricane Deductbiles range from between 2% and 10% of the insured value of your home. This means for every $100,000 you carry in home insurance coverage, you may have to pay $2,000 to $10,000. Some carriers offer even higher than 10% but you would need to confirm with your mortgage company if this high of a deductible would be acceptable.
Flooding
The majority of homeowner insurance policies will not cover flooding. However, you can and should purchase flood insurance.
This insurance is available privately or through the National Flood Insurance Program. It’s common for large insurance agencies to offer flood insurance with the National Flood Insurance Program.
Wind Damage
Most homeowner policies cover wind damage, including damage caused by hurricanes. If you live in a coastal state that’s considered high risk for hurricanes, you may need to purchase additional windstorm insurance separate from your standard policy. Ask your agent if this type of insurance can be purchased as a rider on the policy you currently have.
When you purchase windstorm damage, you’ll have coverage from strong wind and hurricane damage.
Car Damage
If your car is damaged by a hurricane, your homeowner insurance won’t cover it. Instead, you’d file a claim with your car insurance, so long as you have comprehensive auto insurance. Your deductible will be subtracted from the amount of money your insurer will pay you for your vehicle’s damages.
Tips for Hurricane Insurance Coverage
When shopping around for different types of insurance, always ensure you have more than enough insurance to cover the full cost of your home should you need to rebuild it. Also, purchase enough insurance to cover your possessions, should they have to be replaced. If you’re unsure of how much insurance to purchase, ask your insurance agency.
If you need insurance, don’t delay. It’s common for flood insurance to take 30 days from when you buy it until your coverage goes into effect. Should a storm occur during these 30 days, your home and possessions won’t be covered, as insurers usually don’t adjust the terms of your coverage.
Always shop around for new quotes when your policy comes up for renewal. You might find a lower rate or save money by bundling your policies.
What About Renters?
Do you rent your residence? You need Hurricane & Flood Insurance too! Typical renters (HO4) insurance does not cover flood damage to your personal items. And the same rule applies to be sure that you have wind/hurricane coverage- You should have a % deductible in addition to your all other perils deductible.
If you are renting a first-floor apartment or a coastal house, however, you might want to purchase a separate flood insurance policy.
The majority of renters insurance covers wind damage. If you live in a high-risk area, however, this insurance might be excluded. If you’re concerned about wind damage, it’s best to contact your policy agent to ask what’s covered and to see what you can add on.
Keep in mind that if your landlord has insurance, but it only covers the structure of the building, not your belongings or liability.
Understanding Deductibles
There are several types of deductibles. These include windstorm deductibles, named storm deductibles, and hurricane deductibles.
Windstorm Deductibles
Windstorm deductibles are often referred to as hail or wind deductibles. These deductibles are applied toward any strong wind, tornado, or hurricane damage.
Named Storm Deductibles
Named storm deductibles come into play if your home sustains storm damage. This storm has to be named by the National Hurricane Center or the National Weather Service. It’s company specific, but usually strong windstorms or tornadoes don’t qualify for this kind of damage.
Hurricane Deductibles
Hurricane deductibles apply to storms with severely high winds. These winds must be categorized as a hurricane and not as a depression or tropical storm.
Keep in mind that all hurricanes trigger a named storm deductible, but not every named storm is a hurricane. For example, if the storm that causes damage to your home had tropical storm winds but you have a hurricane deductible, you’d need to pay all of your other perils deductible.
Purchase Fort Walton Beach Insurance Today
If you live in a high-risk area or a coastal state, then you should have Fort Walton Beach hurricane insurance coverage. Depending on your insurer, you may need a separate flood insurance policy.
No matter what type of insurance policy you need, Harris Insurance has you covered. We offer everything from homeowner insurance to umbrella insurance and everything in between. Request a quote today.
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
