Floridians know the terror and aggravation of being exposed to powerful and terrible hurricanes. While the Sunshine State is certainly a beautiful place to build a home, doing so should involve investing in all the protections available to ensure that you and your family do not fall into financial ruin.
One of the ways you can protect yourself from the fallout of hurricanes is through hurricane insurance. Hurricane insurance is usually not a single policy, but a collection of policies designated specifically for hurricane-related incidents. If you live in a hurricane-prone area, it is not something you can ignore. In many cases, home insurance is not enough; you’ll need hurricane insurance to cover the damages.
What types of hurricane coverage are there?
There are different types of hurricane insurance, some of which are as follows:
- Hurricane wind damage and home insurance
- Hurricane water damage and flood insurance
As you can see, it is an entirely different set of coverages outside of basic home insurance. Depending on where you live, you may need one or both of these types of coverage just in case.
Why would I need hurricane wind damage insurance?
Though it is a rare occurrence, it is still quite possible in Florida to experience windstorms of such magnitude that it can tear off the sidings of a home, rip out shingles, cause flying debris to break through windows, and so on. An adequate hurricane wind insurance policy can reimburse you for the damage caused during hurricanes and windstorms.
Some companies even require the purchase of an extra windstorm insurance policy. This can cover all wind-related damage to your home, including hurricanes, cyclones, windstorms, tornadoes, and so on. Just make sure to consult your insurer about the coverage of your policy.
What are hurricane deductibles?
In roughly 19 states that experience violent windy weather conditions, you might be required to pay a hurricane deductible on top of your normal deductible. This is before you can make a claim. This amount is typically 2 to 5% of what your home is insured for. If your home is insured for $500,000, this means your deductible is somewhere between $15,000 and $25,000.
In Florida, however, there is a flat $500 hurricane deductible option, but it may cause higher premiums in the future. Depending on your preferences and needs, you may choose to give a voluntary contribution on top of your hurricane deductible so that your premiums don’t skyrocket.
What about water damage and flood insurance?
Flood insurance provides coverage solely for damage that is caused to your home and possessions by a flood. Floods are nothing to scoff at, as even just an inch of flooding in the home can cause up to $10,000 in damage. The average insurance claim after a flood alone often amounts to $30,000.
Those living in risky areas will likely be required to purchase a flood insurance policy on top of their home insurance, especially if they are financing their home. If you are not required, it might still be beneficial to look at your community’s flood map and determine whether or not your home needs it.
While hurricane wind and flood insurance may seem like expensive things to add on top of your home insurance, there is no price you can put on financial safety. While it is required in some areas for you to take out these insurance policies, they might still be worth considering even if they are not. If worst comes to worst, you’ll be glad you protected your home when you did!
If you need home insurance, wind insurance, or flood insurance for your home in Delray Beach, send us at Apex Insurance Agency a message. We can offer protection for your property and everything within it.