Florida homeowners face a set of issues that most other states do not. Hurricanes are a major weather phenomenon that has widespread consequences. These consequences will most certainly affect your Florida homeowners insurance. One thing that every homeowner in Florida should know is that you will need some sort of Florida homeowners insurance to protect you against the potential damage done by hurricanes.
Standard Florida Homeowners Insurance Exclude Hurricane Coverage
When you purchase your standard Florida homeowners insurance policy, there will not be coverage against hurricanes. The standard policy will cover your home against damages done by fire, ice and other accidents around the home that are not related to natural disasters such as flooding and wind.
Your standard policy will most likely give you adequate protection for everyday, but when it comes to hurricane season, you are going to need a bit more than your standard Florida homeowners insurance policy.
Types of Coverage That Will Protect You From Hurricanes
You will have to purchase a separate policy, either a HO-3 policy or a wind and hail policy. These Florida homeowners insurance policies are separate and will have their own premium, deductible and coverage limits. Also, this policy will most likely only cover damage caused by wind and hail, but not flooding. You will also have to purchase an endorsement or separate policy to guard against flooding caused by hurricanes or other large storms.
Review Your Policy Before Hurricane Season
If you are unsure of the protections you have on your Florida homeowners insurance policy, you should review your policy as soon as possible, especially if hurricane season is fast approaching. If you do not have the proper protection, you could be wiped out by the next big storm.
Here are a few things to look for when reviewing your Florida homeowners insurance policy for hurricanes.
- Exclusions for specific incidences not covered
- Flood protection
- Limits of your policies (are they enough to repair or rebuild your home)
- Loss of use due to hurricane or flood
- Wind and hail protection
If you do not have protection for wind and hail as well as flooding, you need to contact your Florida homeowners insurance agent. It is unlikely that you do not have this insurance if you are still paying a mortgage. Lenders will demand that you have proper Florida homeowners insurance to cover all serious threats to your home.
Tailor Your Policy for Your Hurricane Risk
Just like you can set deductibles and limits on your standard Florida homeowners insurance policy, you can do the same with the policies that protect you from hurricanes. Research the likelihood of a hurricane causing damage in your local area, both from wind and from flooding. Understand how much it costs to rebuild your type of home in your area. This will help you to get the proper Florida homeowners insurance without paying for more than you need.
If you have to purchase the policy because it is required by your lender, you can manipulate the policy to give you the required protection but not damage your budget too bad. For instance, if you live in an area of Florida that generally suffers from the wind that comes from hurricanes, but are not as susceptible to flooding, then you can go with a higher deductible on your Florida homeowners insurance flood policy. This will save you money on premiums.
Shop Around for the Best Rates
When you are shopping for Florida homeowners insurance, keep in mind that you will most likely be looking for the additional policies to cover the threats posed by hurricanes. You should comparison shop for the entirety of your Florida homeowners insurance. Some companies may be better on price for a standard policy, but more expensive when it comes to the coverage for hurricanes and flooding.
You can go online and quickly get many Florida homeowners insurance quotes to find the most affordable coverage that offers your home the best protection. It takes only a few minutes, is free and obligates you to nothing. The time spent can save you a headache as well as money on your Florida homeowners insurance.