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. Check for exclusions, such as those based on location, flood history, or home type.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. Eligible properties: Flood insurers may cover different property types.Check for features such as online estimates, learning resources, claim filing, and account management. Online services: Many insurers make it easy to get and manage coverage online.Be sure to check the service areas of each provider you’re considering. States served: All providers don’t serve all states.The NFIP has a 30-day waiting period, but waiting periods with private insurers vary.
Waiting periods: A waiting period is the amount of time you have to wait until your policy’s coverage kicks in.The National Association of Insurance Commissioners (NAIC) keeps records of customer complaints that can help you understand how a company fares in terms of customer satisfaction. Look at the support channels, the hours of operation, the response times, and reviews from past customers. Customer service: Customer service quality can vary.Many providers offer flood insurance cost calculators that can help. Flood insurance cost: Compare the premium costs and deductible options of several flood insurance providers.Coverage options: Check the details of what the policy covers, how it compensates losses, and the maximum coverage limits.The Average Cost of NFIP Flood Insurance by State (2023)Īverage Coverage Amount Per Premium Dollar
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