Did you know that there are around 6 hurricanes every year? If you live in an area that is known for having hurricanes it is a smart idea to be covered in case something happens to your home. We put this guide together to share everything there is to know about insurance for hurricanes.
Keep reading to learn the answer to the question “what does hurricane insurance cover?” and more.
Homeowners Insurance Is Not Enough
Some of people are fascinated that their homeowner’s insurance will be enough coverage in the event of a hurricane. But this is not actual case, if your home were to get flooded because of a hurricane, you will not be covered. You have to buy flood insurance separately either on the private market or via the National Flood Insurance Program.
Usually, your home insurance will not cover wind damage either and you will need to buy separate windstorm insurance. With some insurance companies, you might be able to add this as a rider on your policy. The good thing is that this will cover damage from any strong wind not only hurricanes.
There Is No Single Policy
The truth is that there is technically not a single policy called “hurricane insurance.” What you have to do is make sure your home is against the two main sources of hurricane damage- wind and water. This is why you want to ensure you have a flood policy and windstorm policy as mentioned above.
Keep in mind that if you live in Florida there are home warranties that you can purchase separately to help you cover certain costs. The key is to find a reliable company such as source Select Home Warranty.
Average Cost
The average cost of having all of the policies in place in the event of a hurricane will cost anywhere between $1,971 and $2,161. Homes that are located in coastal regions will have the highest combination of home insurance, windstorm insurance, and flooding insurance.
The other factors of your cost include the total square footage of your home and the elevation of your house.
You Can’t Buy Last Minute Policies
Once a storm has appeared and is on the news, you can’t usually buy a storm policy. Most storm policies also have a waiting period in place (normally a period of 30 days) before you can make any claims.
With this in mind, you do not want to leave your insurance policies for the last minute. As soon as you move into your home call around for homeowners, flooding, and windstorm policy quotes.
Feeling Like an Insurance for Hurricanes Pro?
We hope, you have known everything now about insurance for hurricanes you can make informed decisions on your own hurricane insurance for your home.
