Hurricanes are an inevitable part of life in Florida, and one of the best ways homeowners can prepare for these natural disasters is by purchasing coverage for storm damage. Remember, although most homeowners insurance policies do include some form of hurricane coverage, you very likely may need to pay a separate hurricane deductible depending on your policy and your location. For that reason, a separate hurricane insurance policy can be a wise choice. Here’s what you need to know about hurricane insurance in Florida, including what it covers and how much it costs.
What Does Hurricane Insurance Cover in Florida?
Hurricane insurance covers damages from windstorms. Always review your home insurance policy to understand what is and is not covered by windstorm insurance. Generally speaking, home insurance will cover damages to your home’s primary structure, detached structures, and personal property that are caused by a hurricane. Your home insurance policy will also typically cover additional living expenses that you incur after being displaced by a hurricane. Keep in mind, though, that most home insurance policies do not cover flood or storm surge damage. To protect against flooding caused by hurricanes, you will need a separate flood insurance policy.
Is Hurricane Insurance Required in Florida?
Despite the risk hurricanes pose to Florida homeowners, hurricane insurance is not required in Florida. Regardless, hurricane insurance can provide invaluable coverage for homeowners in The Sunshine State. Without this coverage, you may need to pay out-of-pocket costs to repair or rebuild your home in the event your property is destroyed by a hurricane. Moreover, home insurance is also not required in Florida. However, most mortgage companies will require you to purchase home insurance before approving you for a loan.
Does Home Insurance Include Coverage Against Hurricanes?
Yes, home insurance does include coverage against hurricane damage. However, homeowners that live in hurricane-prone areas like Miami, Pembroke Pines, and Weston may need to pay a separate hurricane deductible before their home insurance policy covers any windstorm damage.
Understanding Hurricane Deductibles in Florida
Due to the increased risk of hurricanes in Florida, many home insurance carriers require homeowners to pay a separate hurricane deductible if their homes are damaged by windstorms. After paying this deductible, your home insurance policy will cover damages up to your coverage limit. In Florida, carriers are required to provide several hurricane deductible options, including a flat $500 deductible or a deductible equal to 2%, 5%, or 10% of your home’s insured value. For example, if your home is worth $300,000 and you have a 10% deductible, your hurricane deductible would be $30,000.
How Much Does Hurricane Insurance Cost in Florida?
Since hurricane coverage is included with home insurance, the cost of hurricane insurance is equal to your home insurance premiums. Keep in mind that home insurance in Florida is often more expensive than in other states due to the increased risk of certain natural disasters. According to the Insurance Information Institute, the average premium for homeowners insurance in Florida in 2019 was $1,988 — about $700 more than the national average. Several factors can impact your home insurance rates, including:
● Location
● Build date
● Coverage limits
● Deductibles
● Home safety features
● Replacement cost value
FIB Insurance Has Miami Covered
Finding affordable home insurance in Florida can be difficult, and that’s why it’s wise to compare quotes to find the best possible rate with the best coverage. Comprehensive coverage is essential for protecting your property against hurricanes and other common hazards.
At FIB Insurance, we have over 20 years serving residents in Miami and surrounding areas. We understand how important it is for homeowners to have peace of mind and security. Our team is here to help you find affordable home insurance and hurricane insurance policies that protect your most valuable assets. Our independent agency is happy to provide you with multiple quotes from the state’s top carriers. To learn more, contact us today!