Living along the coastline can be beautiful, but that beauty and peace is matched by severe storms. Hurricanes are a definite concern if you live anywhere near the water. If you want to protect yourself and your property, hurricane insurance should be on your radar.
What exactly is hurricane insurance and how can you get it?
If you are curious about hurricane house insurance, you’re in luck. Here’s everything you need to know about hurricane insurance in Florida and beyond.
What is Hurricane Insurance?
Technically speaking, there is no such thing as true hurricane insurance. Hurricane insurance is actually a combination of two other forms of insurance: windstorm insurance and flood insurance. This protects you from the major winds and massive floods that hurricanes produce.
Hurricane insurance helps those who have suffered from hurricanes rebuild their homes and their lives. This helps the average taxpayer as well, since the government won’t have to spend thousands rebuilding structures that were covered by hurricane insurance.
Hazard insurance can also be used in place of hurricane insurance if your area suffers from multiple types of natural disasters, such as forest fires or severe hailstorms. However, hurricane insurance on its own is ideal for those that live near the coast.
What Does Hurricane Insurance Cover?
Your regular insurance policy can cover some damages caused by hurricanes. Unfortunately, most insurance policies do not cover damage caused by flooding. Flood insurance is a separate policy than homeowners insurance or landlord insurance.
The additional windstorm and flood damage insurance that you purchase will protect you from the brunt of hurricane damages. Rather than hoping that your insurance policy will cover a portion of the damages, you can rest easy knowing that you are protected.
The specific details of your coverage will depend on the state you live in. Make sure you read up on your state’s individual policies and have a conversation with your local Agent to get a better idea of your coverage.
What is the Average Cost of Hurricane Insurance?
When you are calculating the cost of hurricane insurance, remember that you are technically bundling two types of insurance together; flood insurance and windstorm insurance. On average, flood insurance costs are around $500+ while windstorm insurance costs are around $1,200+. The specific location of your property as well as how the structure is built will determine the other factors that are considered in rating. Every company has their own underwriting guidelines and algorithms that determine what your rates will be. This is why it is important to shop your insurance with a local Agency, like Harris Insurance, who will shop every available market for you.
Naturally, if you live in a state that experiences hurricanes frequently, you can expect your expenses to be quite a bit higher. (Hello, Florida). This is because your insurance company has catalogued your risk of needing compensation for damages. Because you are a higher risk, your expenses will be higher than other parts of the nation.
The exact cost of insurance will also vary depending on the exact policy you get. It is important to review your concerns with your Agent to be sure that specific perils such as lightning, fire, wind, hail, etc. will be covered under your policies.
In Florida, you will know if you have wind coverage if you have a “Hurricane Deductible.” This is separate from your All Other Perils Deductible (AOP). These two deductibles will be listed on your Policy Declaration Page.
What Doesn’t Hurricane Insurance Cover?
Hurricane insurance is very particular, and there are some things it just can’t cover. For example, if you choose not to get yourself windstorm or flooding insurance, you may not be covered for damage caused by a hurricane.
However, even if you do purchase windstorm and flooding insurance, you still might be out of luck in a few instances. Mudslides and power failure are two events that might not be covered. The reasoning behind this is due to the specificity involved in your insurance policy.
In the case of a mudslide, events of this nature might not be considered grounds for compensation. This is because the earth itself moved beneath your home. Review your specific policy documents to determine if insurance will not cover this; however, if mud floods your home due to hurricane flooding, your flood insurance policy might cover it.
Power outages are another situation your insurance might not cover. Let’s say you have a fridge stocked full of food, but during a major hurricane, your power was knocked out. Suddenly, all of that food is now spoiled.
Tips for Buying Hurricane Insurance
There are a few things that you can do before purchasing hurricane insurance that may lower your costs. For starters, if you live in an area where hurricanes are common, do your part to hurricane-proof your home. Showing that you are prepared for a major storm will help ensure insurance companies that you are less of a risk.
Trim your trees out front and behind your home, make sure you have siding and roof protection, and make sure everything around you home is clean and tidy. That will help protect your home from unnecessary damages.
You should also purchase hurricane insurance long before a hurricane appears. Many insurance companies have a waiting period of 30 days before your insurance kicks in. If you get unlucky enough to be caught in a storm before your insurance activates, you could be in serious trouble.
Protect Yourself and Your Home Today
Hurricane insurance can save you a ton of money in the event of extreme weather. If you happen to live in an area that experiences hurricanes regularly, you should consider the difference between hurricane insurance cost and the cost of home repairs after the storm. You’d be surprised by the difference.
Are you searching for severe weather protection for your home?
We’re here to help. Contact us with any questions or concerns you have about our home insurance policies and continue reading our blog for more helpful information 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.
