Home Insurance--and Hurricane Coverage
 

It's time to pay our annual home insurance bill and we're wondering if we really need hurricane insurance here in Central FL. Do you think it's necessary??

Homeowners insurance covers wind damage and, I think, damage done by wind-driven water. Are you thinking about flood insurance?

When Irma was 24 hours away from us I was certainly glad we were heavily insured. It’s nice to sleep peacefully. I’m insurance broke. I think it’s a personal decision but I would say go for the best you can afford.

Hurricane insurance is not actually a separate insurance policy. Your homeowners policy will cover you for wind and rain damage, including hurricanes. But, if the event is classified as a hurricane, your deductible may be higher than if it is not a hurricane. You need to check the hurricane deductible on your policy, and, if you want to pay extra, you can reduce it to various amounts by increasing your premium.

Thank you very much. I appreciate your help.

I have a separate charge for Huricane coverage. It is a substantial part of the total cost. I think it is less likely for us to have major problems but if you have trees near by that could fall on your home you do have a risk. Also flying furniture or other objects could be a problem. Ask you broker if you are covered for these items without the huricane ridder. If you do not have any trees on your property I could see going without the insurance but for me I want to play it a little safer so I have the insurance.

I thought I read that hurricane coverage is automatic and required here in FL on any HO policy..

If you don;t make sure you have "ALL PERILS" type insurance, you might as well just skip the whole insurance thing all together. It's like getting coverage on breaking your right arm, but not your left. Groundwater damage is extremely tricky, which is where Flood insurance comes in.. Most people think of storm surges and rivers overflowing .. But a good heavy rain could easily raise our fragile water table and cause a tremendous amount of damage that is not covered by a normal homeowners insurance policy. It all depends what your requirements are to sleep well at night (SWAN). The old saying of penny wise and pound foolish comes to mind.

Hurricane insurance
 

Any insurance is a betting game. Other than required by law such as auto insurance, you decide if it worth the cost. The insurance company decides what the cost is. You can and should research what other companies are charging for the same or similar coverage.

We are ex Long Islanders. Hurricane Sandy tore through. People who paid sweetly to be on the water woke up with large boats through their homes. Imagine waking up to find a 50 foot boat through your home.

Far a hurricane coverage, there was a far higher deductible on hurricane damage than on normal damage. HUH, our government decided that Sandy was not a hurricane so the high deductible for hurricane coverage did not apply-HUH. Other than some plant damage, which we did not claim as it was likely less than our deductible, the insurance company decided they would not insure any homes south of a given road-that included us. They would not renew our policy when it came to it's end and we needed to find another company.

As said above it is a bet. Do you think it is worth $$$$$ to have a company commit to the risk or do you want to self insure-if there is a loss the money comes out of your income or your savings.