Living in the sunshine state has so many perks. We have beautiful beaches, theme parks, nature trails, and even rocket launches. Unfortunately, everything comes at a price and for us it’s the threat of hurricanes each year between June 1st and November 30th. Luckily, Viera Insurance Agency is here for you with the ultimate insurance guide to make sure you’re protected.
Homeowners Policy
If you have a mortgage on your home you are required to carry windstorm coverage. However if your home is paid off, you may have opted to exclude this coverage to cut some costs down. In that case, don’t fret - contact your insurance agent and ask to be quoted for hurricane coverage.
What Does it Cover?
A standard home insurance policy includes four main pieces that matter the most when it comes to hurricane protection: Dwelling, Other Structures, Personal Property, and Loss of Use.
Dwelling: Your home’s structure is covered for any damages caused by a hurricane with the exception of flooding. This includes wind driven rain, wind damage, damage from falling and airborne debris, and tornados.
Personal Property: This covers the contents of your home from the same hurricane-related perils as your dwelling, with the exception of wind driven rain. In some cases, coverage for this threat may be excluded for your personal property. Check with your insurance agent to determine if you have coverage for wind-driven rain or if this can be added as an endorsement to your policy.
Other Structures: This coverage is for any structure on the premises that is not attached to the home, such as a detached garage, fence, gazebo, or shed. In some cases windstorm coverage for other structures might be excluded. It’s important to check your policy’s exclusions.
Loss of Use: This coverage pays for additional costs associated with a covered peril such as a hurricane. For example, if your home is damaged and you cannot live in the home, this will cover your expenses for hotel stay and any additional living costs associated.
Hurricane Deductible Buyback Policy
The standard hurricane deductible is two percent of your dwelling coverage. If the dwelling coverage on your policy is $200,000 your deductible would be $4,000. You are responsible for this cost at the time of a hurricane loss. However, there is a stand-alone policy you can purchase to help. A Hurricane Deductible Buyback Policy will pay up to the total amount of your hurricane deductible, plus it will pay for other disaster related expenses, such as generator rental and evacuation costs. Premiums start as low as $220 per year for this policy.
Flood Insurance
A standard home insurance policy does not cover flood losses, even those caused by a hurricane. Some home insurance companies do offer a flood endorsement that can be added to your policy. For most homeowners though, the best option is to purchase a separate flood insurance policy.
What is Covered?
A standard National Flood Insurance Program (NFIP) policy can insure your home for up to $250,000 in property coverage and $100,000 in contents. Unlike a homeowners policy, the NFIP does not include coverage for additional living expenses. Private flood insurance carriers offer policies with increased limits of coverage for building and contents, as well as additional options for detached structures and many do offer loss of use coverage.
Renters
Even if you don’t own your home or condo, you still need to purchase hurricane protection. While your landlord might have a policy that insures the structure itself, this does not provide coverage for your personal belongings. A standard renters policy will protect your contents from windstorm damage. You can also purchase a contents-only flood insurance policy.
Auto Insurance
You always hear about protecting your home from hurricane and flood damage, but there is another important investment that needs to be protected also - your vehicle. Auto insurance policies offer an optional comprehensive coverage, which will protect your vehicle in the event of hurricane damage.
Don’t Wait Until it’s Too Late
When a storm is imminent insurers can issue what is called a “binding restriction” which prohibits new insurance policies from being written until the storm is gone. This also affects the ability to add endorsements to existing policies. It’s important to review your insurance coverage as part of your hurricane preparedness plan. Contact Viera Insurance Agency and we can help.
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