There are an abundance of commercial insurance options out there that might grant your business protection against hurricane-related losses.īusinesses can sustain severe financial loss due to hurricane-related power outages, road closures, lost or damaged merchandise, and more. Hurricane damage can be covered if you opt into a comprehensive coverage policy for your vehicle. Whether you own a car, a truck, or another kind of vehicle, hurricanes can sweep them away and result in a total loss. Luckily, a renters insurance policy is usually much cheaper than homeowners insurance! Auto insurance There are three kinds of coverage you should consider if you are a renter worried about hurricane damages.
However, renters might still need to protect themselves from hurricane-related losses even though they do not own the property. The good news is, renters aren’t subjected to the higher deductibles that homeowners might be when it comes to hurricanes. If you live in Florida, you will probably already hear of hurricane warnings from friends and family if there is a bad hurricane on the way. It can be a good idea to check on NOAA to see whether there is a dangerous hurricane coming up. Should you get hurricane insurance this year?Įvery year, the NOAA forecasts the severity of hurricanes in the upcoming months. If a storm has been officially declared a hurricane by the National Weather Service, it might end up subjecting Florida residents to higher insurance deductibles. In Florida, insurers are required to offer homeowners certain hurricane deductibles when it comes to damages to your home: $500, 2%, 5%, and 10% of the value of your home. The lower your insurance premium, the higher the deductible, whereas if you have a low deductible on your policy, you would have to pay more each month. The deductible is the amount of money you have to pay before insurance kicks in and helps you out financially. Do you have to pay higher deductibles for hurricane damages in Florida? All hurricanes can cause extensive, widespread damage, leaving behind a wake of loss. If you take a look at the typical costs of hurricane damages versus how much the average cost of insurance in Florida is, it can help you make a more informed decision on whether you need to add hurricane coverage to your other insurance policies.Īccording to the National Oceanic and Atmospheric Administration (NOAA), the annual expected costs of hurricane winds and storm related flood damages total $54 billion.Ī hurricane does not necessarily need to be a Category 5 hurricane like Hurricane Katrina or Hurricane Maria to cause devastating damage. Is it worth getting hurricane insurance in Florida? It means that the insurance company may cover your additional living expenses in these situations. This can be extremely helpful in case of an evacuation due to a hurricane or if the repairs necessary are so extensive that you must live somewhere else for the time being. Notably, home insurance policies also include loss of use insurance. This way, you can maximize your chances of financial protection. Flood insurance is a distinct category of insurance that you might want because hurricanes often cause floods, and even homeowners insurance with a hurricane endorsement won’t cover that flood damage.Īt the end of the day, it is often advisable to get comprehensive homeowners coverage that includes hurricane coverage and then procure supplemental flood insurance. So why do we have to specify both homeowners and flood insurance? The reason for that is that homeowners insurance usually excludes all damages caused by flood damage.
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