Homeowners Insurance Policies and Flood Insurance Policies are a must have in Florida. Homeowners policies normally have a 2% deductible. That means if your home is worth $300,000, your deductible could be $6,000. Every property in the state of Florida is in a Flood Zone. The least at risk flood zone is Flood Zone X. Your lender does not require you to have flood insurance in order for them to lend you their money to buy your home. That does not mean that you do not have a risk of having flood damage. Most people only think about needing flood insurance when a hurricane is heading in their direction. Like the risk of flood, every home and business in Florida is at risk of incurring damage from a Hurricane. Homeowners Insurance policies and Flood Polices as well as business property insurance have many exclusions in them when it comes to hurricane damage and they normally have large deductibles. Hurricane Insurance is intended to help fill those gaps in coverage.
How Does Hurricane Insurance work?
This one of a kind hurricane insurance product is Parametric Hurricane Insurance. The Hurricane Insurance policy does not have a deductible and pays out immediately (within 72 hours).
Your claims amount is based on:
- The distance of your property from center of hurricane eye at its closest point, AND
- Strength (category) of the hurricane when its closest to your property
The stronger the hurricane and the closer it is to your property, the more you get paid up to 100% of the limit.
What will this Hurricane Insurance Policy Pay For?
- Repair or replace:
- Swimming pool cages
- Boat docks
- Remove fallen trees and debris
- Restore landscaping
- Fix property damage not covered under your homeowners insurance
- Meet your hurricane deductible
- Pay additional living expenses
- Pay evacuation expenses
- Replace a mobile or manufactured home