Hurricane season is here. In light of Hurricane Harvey and Hurricane Irma, it’s important for all homeowners to do the best they can to protect their homes from extensive damage. So it goes without saying that all Floridians should weigh their need for hurricane insurance as they are right in the path of these destructive storms.
However, not many homeowners know exactly what hurricane home insurance entails. Here we have broken down the basics of this broad homeowners insurance option.
Make sure to check your current insurance
There are plenty of different types of homeowners insurance, so you may already be covered in some shape or form. Make sure to check to check your policy for any limitations on wind, water, or flooding damage, and if your policy doesn’t exclude any additional hurricane-related damages. But, considering that 73% of homeowners report that they don’t have a specific flood insurance policy that is separate from their standard homeowners coverage, chances are your home could use a bit more protection.
Know that you need coverage for both property and contents
Even though they may be a part of the same plan, coverage for property and contents are two separate options and must be bought separately. Here’s what you can expect for both:
Property insurance: Property insurance relates to your actual home. This will cover the expenses of damages to the building and its structure.
Contents insurance: This relates to what is in your home rather than the building itself. If you opt for this option, you will be reimbursed the cost to replaced the damaged and/or lost property incurred by the storm.
What doesn’t hurricane insurance cover?
While it does differ depending on your insurance agency, typical hurricane and flood insurance doesn’t cover the following:
- Water that comes from inside your home. This means that if you have an overflowing pipe or a toilet malfunction, it will not be covered. The water in question must have come from outside your home.
- Landscaping, including your pool area.
- Living expenses, such as having to live in a hotel while your home gets fixed.
There are plenty of different types of homeowners insurance available, but if you are living in Florida is pays to stay protected from hurricanes and invest in hurricane and flood insurance. You never know what is going to happen, and if you protect yourself today, you will thank yourself after the storm hits.