Buying homeowner's insurance is not something that should be all that much of a challenge, but there are certain insurance products that can get a little tricky. Hurricane insurance coverage is one of those commonly fuddled topics that leaves homeowners a little confused about what they should get to rightfully protect their home. Take a look at a few of the most common questions about hurricane insurance coverage and the facts you need to know.
Is it true that hurricane insurance really is not a product?
It is true that most home insurance providers do not have a separate product specifically to cover the damages caused in a hurricane that is referred to as "hurricane insurance." However, this does not mean that you cannot purchase coverage for hurricane damage if your carrier does not have a specific hurricane-protection option available. What you really need is coverage to protect you from floods and winds, which are the driving and damaging forces of a hurricane. If your provider does not have a specific insurance product, look for flood and wind coverage options.
How much does hurricane insurance coverage cost?
The price of your coverage can be different depending on where you live and other risk factors. However, there are some general price guidelines to keep in mind as a homeowner. According to NerdWallet, a $100,000 flood insurance policy costs about $400 annually, and a policy for windstorm damage can vary greatly depending on location. It is important to keep in mind too that wind damage is usually covered under a typical homeowner's insurance policy, so it probably will not have to be purchased completely separately.
Do some states require you to have hurricane coverage for your home?
Some states do indeed require by law that a homeowner has coverage to protect their property during a hurricane just in case the structure sustains damage. For example, in the state of Florida:
"...law requires property insurance policies to include coverage for damage caused by wind during a storm that the National Hurricane Center declares to be a hurricane."
Homeowners in the state can also fetch a discount on hurricane coverage if they do things to protect their home, such as installing protective bars over the windows or hurricane screens on the back porch.
Overall, making sure your home is protected with the best-built insurance policy is critical. Reach out to a homeowner's insurance company like Livings Insurance for more advice about building the right kind of policy for your home.