Each year, hurricane season begins at the start of June and typically lasts about five months. The peak of these storms tends to occur in August and September, leaving many people vulnerable to the effects of these storms. It is because of this that it is essential to know how to prepare. One of the ways a person can prepare for hurricane season in Florida is by purchasing or reviewing their insurance policy. While there is no such thing as specific “hurricane insurance,” standard homeowners policies tend to cover damage caused by a hurricane. Continue reading below to learn what you need to know about buying the right policy for you.
What are Tips for Buying Insurance?
To receive proper protection during a hurricane, it is important to have the right homeowner’s insurance policy. The following are important tips to be sure you have the best protection for your home during hurricane season:
- Be sure you have sufficient coverage in your policy before a hurricane hits. You will not be covered if you wait to buy coverage until a storm already comes and the damages are done. Your home should be insured based on its replacement cost, which is the amount needed to rebuild it if necessary, not its market value. This is because the replacement cost offers more protection, as the cost of building a home is usually more than its market value.
- Purchase flood insurance if you do not already have it. If you have a flood policy, check the expiration date and renew it if necessary. This is because they are often sold as one year policies.
- Not all policies have hurricane deductibles. If yours does, make sure you know how they work and choose the one you can afford. Typically, they are 1% to 5% of your dwelling coverage amount.
- Check to see if your policy has wind-damage exclusions. If this is not covered by your standard policy, buy an additional policy. There are many standard home insurance policies in Florida that will not pay for windstorm damage, as it is a hurricane-prone state.
How Much Does Hurricane Insurance Cost?
The cost of hurricane insurance depends on a few things. This includes the amount of home insurance you buy, where you live, whether or not you have a separate wind damage policy, and what you pay for flood insurance coverage. The average cost of a home insurance policy is about $2000 and about $640 for flood insurance costs. However, it is important to remember that this can be significantly higher in hurricane-prone states such as Florida.
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