Do you need additional hurricane insurance coverage?
Chances are your homeowners’ insurance hurricane coverage doesn’t pay claims for certain kinds of losses. And remember, hurricane insurance isn’t a specific policy. So to really find peace of mind, you may want to investigate other types of insurance policies that can provide coverage for other types of losses.
This impacts your home insurance shopping in two ways. First, you’ll want to identify what perils are covered when you evaluate various companies’ hurricane insurance quotes. If something strikes you as particularly important to have covered, you may need to add it either with an additional policy or an endorsement.
Next, you’ll need to consider how much more the added coverage will cost. Any time you add coverage, your overall insurance costs are likely going to go up.
When should homeowners buy hurricane insurance?
As with any type of insurance, the time to have hurricane insurance is before you need it. That’s why it’s smart to shop for coverage or to switch insurance providers well before hurricane season. Getting a hurricane insurance quote from several homeowners insurance companies is the best first step.
You should also know that insurance companies often put moratoriums, or binding prohibitions, in place before a catastrophic event. This delays your ability to purchase coverage or change insurance companies.
Though moratoriums are infrequent, insurance companies can put one into effect because of approaching hurricanes, tropical storms, wildfires, or other catastrophes.
For example, insurance companies often pause binding hurricane insurance as much as 24 to 48 hours before the storm’s predicted impact.
Tips for buying hurricane insurance
The most important tip for getting the best hurricane insurance is to evaluate your particular situation. Every home has its own set of perils to consider – and every homeowner has to decide how much risk they’re willing to take on. Other tips for buying home insurance hurricane coverage include:
- Choose a hurricane deductible that’s realistic. A higher hurricane deductible reduces your premium, but you’ll be on the hook for more out of pocket expenses when you need to rebuild your home after a storm.
- Don’t wait to buy or switch your coverage. If you’re thinking about buying a policy or switching carriers, do it before hurricane season. You don’t want a moratorium to delay your protection. Get an online quote today.
- Get a windstorm mitigation inspection. Florida home insurance companies are required to offer discounts for wind mitigation efforts. Make sure yours are rewarded! Plus, your inspection will tell you what updates can make your home even more wind resistant – and save you more money on your premiums.
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