What insurance do you need for hurricanes?

Is hurricane and flood insurance the same?

Flood insurance, generally covers water coming into your home from off of your property. Hurricane insurance is for wind damage, not flooding, from a storm over 74 mph, ie a hurricane.

Is wind and hurricane insurance the same?

With a hurricane comes both wind and water, but a windstorm policy will only cover you for wind. Dealing with the insurance company can become a major hassle if the cause of the damage — wind or water — is ambivalent. To avoid that situation, it's important to also have a good flood insurance policy, too.

Can I buy hurricane insurance on Florida?

Generally speaking, there is no such thing as “hurricane insurance,” or a specific policy that Florida homeowners can purchase to protect against these storms.

What does wind insurance cover in Florida?

Windstorm insurance covers damage to your home, property and belongings caused by high wind events like hurricanes, tropical storms and tornadoes.

Does homeowners insurance cover hurricane damage in Florida?

Coverage for Wind Damage

Most homeowners' insurance policies in Florida cover damage caused by windstorms, hurricanes, and hail, unless you sign to specifically waive the coverage.

What happens if you lose your house in a hurricane?

If a covered disaster completely destroys your house, your standard homeowner's insurance policy includes a "loss of use" or "additional living expense" protection, providing temporary housing until you recover. It pays off your mortgage, freeing you of that obligation.

What is a 2% hurricane deductible?

While a regular homeowners insurance policy deductible is a fixed dollar amount—say, $500 or $2,000—a hurricane deductible might be 2% to 5% percent of a home's insured value, or $2,000 to $5,000 for every $100,000 in home coverage.

What does 1% hurricane deductible mean?

Hurricane deductibles are what you pay for home repairs after hurricane damage and are usually higher (much higher) than a regular home insurance deductible. For example: If you have a house fire, you would pay the amount of your regular deductible toward repairs—let's say, $1,000.

What does 5% hurricane deductible mean?

But percentage deductibles are based on the home's insured value. So if a house is insured for $300,000 and has a 5 percent deductible, the first $15,000 of a claim must be paid out of the policyholder's pocket. The details of hurricane deductibles are spelled out on the declarations page of homeowners policies.

What companies write hurricane insurance in Florida?

Who provides hurricane insurance in Florida?

The Florida legislature created a state run insurance safety net, Citizens Property Insurance Corporation, to provide insurance to homeowners who cannot find insurance in the private market. Citizens is currently Florida's largest property insurer, covering 1.2 million policyholders.

Do I really need wind insurance in Florida?

Wind insurance isn't mandatory in Florida, but your mortgage lender may require it. Regardless of whether it is required for you, windstorm insurance is a good consideration for Florida homeowners, given that the state regularly experiences strong winds, hurricanes and other storms.

What is the average hurricane deductible in Florida?

Hurricane Deductible Florida

Insurers are required by law to offer an average hurricane deductible in Florida of $500, 2%, 5% and 10% of your policy's dwelling limit.

Do you need hurricane insurance in Florida condo?

While condo associations are generally required to carry insurance, Florida statutes don't require your association's policy to include most fixtures and systems specific to your condo. You're not required to carry insurance for these items, but it may be a simple way to protect yourself financially.

What type of homeowners insurance is required in Florida?

Florida law does not require the purchase of homeowners' insurance, but most people want to insure the largest investment they may ever make – their home.

How much is hurricane insurance in Florida Keys?

“Nationwide, the average policy is about $800, in the Florida Keys, people are paying $3,000, $4,000 and$5,000 for their policies.

What is the minimum hurricane deductible in Florida?

All insurance companies must offer Hurricane Deductible options of $500, 2 percent, 5 percent, or 10 percent of the policy dwelling or structure limits, unless the specific percentage deductible is less than $500.

How much is a hurricane deductible?

The typical hurricane deductible is between 1% and 5% of the home's insured value, although policies in some vulnerable coastal areas could have an even higher deductible.

Is a hurricane considered a windstorm?

In the insurance world, windstorms refer to high winds, cyclones, tornadoes, and hurricanes.

How does insurance work after a hurricane?

While damages from wind and wind-driven rain are covered by a standard homeowners policy, many charge separate wind deductibles, which means higher out-of-pocket costs for you. The deductibles are usually based on a percentage (roughly 5% to 10%) of your coverage rather than a flat dollar amount.