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METRO
Windstorms like hurricanes cause billions of dollars in damages every year to homes, businesses and other structures.
Those damages can be insurable. With Florida in the frequent path of those storms every year, it’s important owners know what’s in those policies that protect their real estate investments in case they float away or fly away.
A standard homeowners insurance policy covers your home’s structure from damage that results from many risks, including hurricane or wind, as well as lightning, but there are also exclusions, such as flooding. Inland in Osceola County, we aren’t among the seven million households at risk of storm surge flooding on the coast, but water damage from a flood zone or excessive rain is covered under a separate policy.
If you have personal property of high value, or even collections or sports equipment, check your special limits of insurance to see what is covered or not. Those may require separate riders. Be sure and ask your insurance representative to go over what is covered and what is not in your policy – these are conversations to have before storm season starts.
That’s also the time to make sure policies are full and up-to-date; you cannot usually buy a storm policy once a storm has appeared or there is a storm warning in effect, a period called “in the box”. Storm policies also have waiting periods. For example, there is usually a waiting period of 30 days for flood insurance policies. The tip here: don’t leave your insurance to the last minute, or you may not be able to get coverage due to losses from an impending storm.
Review your insurance policies and make sure you have the right coverage in place, especially if you are a renter, or live in a condominium. While the owner’s policy will cover damage to the building itself, renters need to carry a renter’s insurance policy to cover personal items inside.
If you want your vehicle covered for hurricane-related damage, you need comprehensive car insurance. This covers vehicle damage from floods and falling objects (like a tree that may fall on your car). This coverage can typically be added to your car insurance policy without a waiting period.
Florida is one of 19 states where policies often include a windstorm or hurricane deductible, generally a small percentage (1 or 2 percent) of the replacement cost. The insurance company will define what kind of event triggers the hurricane or windstorm deductible to apply.
