Hurricane Insurance Coverage
June 1st marks the start of hurricane season for each year and the season runs through the 1st of December. If South Florida is lucky, it will not be as big of an issue as it was in 2004 and 2005 with Francis, Jeanne, and Wilma. But, we cannot rely upon our luck. Therefore, each spring may be a good time to review your insurance situation with regard to hurricane coverage.
There are two (2) types of insurance policies that come into play if a hurricane should hit. The first is what is commonly known as a wind storm policy. For many, windstorm coverage is part of the coverage provided under your general home owners insurance. For others, particularly those who live east of I-95, windstorm coverage is provided in a separate policy from your standard home owners insurance. Within the windstorm policy, coverage is generally provided for damage to the building or structure, loss or damage to the contents (your personal belongings) and for alternative living expenses if the damage to the building requires you to stay elsewhere. Under the windstorm policy, benefits are provided in those areas where damage has been caused as a result of severe winds, including water intrusion as a result of wind damage to a roof, window, wall, etc. However, the general wind storm insurance policy does not provide coverage for water damage as a result of flooding.
Coverage for water damage by storm surge or by flooding as a result of a hurricane can only be provided through a separate flood insurance policy. Those who live in low lying areas are generally required to purchase a separate flood insurance policy by their mortgage company. However, even those not in low lying areas may be well advised to purchase a flood insurance policy in the event of flooding from a hurricane. This insurance will also provide coverage for damage from other flooding sources such as backed up sewers, excessive rain or a ruptured water line outside the home.
It is when there are no hurricanes in the area that is the best time to contact your insurance agent to discuss your current coverages or those you need to obtain. Remember, once there is a storm in the area, the insurance companies will cease writing any policies and it is too late to obtain coverage.
