Most of Florida is considered a high-risk area for wind insurance, and you really need to buy a policy if you want to avoid paying $100,000+ to fix your house after a storm. This article will explain exactly why you need hurricane insurance in Florida.
Not Covered by Homeowner’s Insurance
Most homeowner’s insurance policies cover a range of different disasters. They typically cover earthquakes, water, wind and fire, among other disasters. However, Florida homeowner’s insurance rarely covers winds and hurricanes. This is because it’s too risky, and the insurance company would quickly be out of business.
You are required to buy a supplemental wind insurance policy if you want to keep your house safe.
Before and During Storms
Florida is no stranger to wind storms. This part of the country has been hit by some of the worst windstorms seen in the USA, and you need to get insurance now before the next storm hits. Here’s the problem: most people wait until a storm is coming. Don’t wait!
Most Florida wind insurance claims take 30 to 60 days before they go into effect. Not only that, but most insurance firms refuse to sell policies if a storm is currently on its way. If you want protection, then you need to get it now.
Greatly Reduces Cost
A typically windstorm can easily cause $20,000 to $200,000 of property damage. Unless you do some major saving, chances are that having to spend this much is really going to hurt your pockets.
Wind insurance greatly reduces the cost. You can choose a 1% to 5% deductible, based on where you are and how much you are willing to pay in premiums. A 1% deductible will reduce the cost to about $2,000, and a 5% deductible will reduce the cost to $10,000 (based on a property value of $200,00).
If you have an older home, then you really need hurricane insurance. Older homes are not made to resist as much wind as newer homes are. They often suffer by having the shingles and roof ripped off, the walls knocked down and the foundation cracking during severe windstorms. Older homes cost more to repair, and they are more susceptible to damage from windstorms.
You might be wondering why you need wind insurance in Florida. The reason is because Florida is a high-risk area, and it would be foolish to avoid getting a policy. You will have to spend thousands and thousands of dollars whenever a wind storm comes, and it can be very difficult to fix your house without an insurance policy. If you don’t already have a policy, then you should seriously consider getting one.