As a Florida homeowner, it’s a good idea to make sure you are covered against hurricanes so you’re protected from water damage and structural damage caused by tropical storms and hurricanes.
Your property’s risk of damage from a hurricane in Florida is elevated. Unfortunately, hurricanes do happen, and if the past has taught us anything, it’s to be prepared.
Living in a hurricane-prone place such as Florida, hurricane coverage is something that you should definitely factor into your insurance plan. What many people do not realize is that most traditional homeowners insurance policies do not cover hurricane damages. Different insurance companies have different rules on what is and isn’t covered when it comes to big storms, so you will most likely need a combination of homeowner’s, flood, and possibly windstorm insurance to ensure that you are fully covered during the event of a hurricane or other large storm.
It is important to know what degree of insurance you need based on your personal living situation. Hurricane coverage, to some degree, is required in the state of Florida for people who own a mortgage on houses or condos, and that includes landlords as well. When it comes to condos in the state of Florida, you can either have an all-in policy or a walls-in policy. With an all-in policy, the master policy will cover the exterior and interior of each unit, leaving the resident to only cover personal belongings and certain appliances. A walls-in policy, however, leaves the resident to cover everything from the walls to the inside of their unit.
Living in a hurricane-prone place such as Florida, hurricane coverage is something that you should definitely factor into your insurance plan. What many people do not realize is that most traditional homeowners insurance policies do not cover hurricane damages. Different insurance companies have different rules on what is and isn’t covered when it comes to big storms, so you will most likely need a combination of homeowner’s, flood, and possibly windstorm insurance to ensure that you are fully covered during the event of a hurricane or other large storm.
It is important to know what degree of insurance you need based on your personal living situation. Hurricane coverage, to some degree, is required in the state of Florida for people who own a mortgage on houses or condos, and that includes landlords as well. When it comes to condos in the state of Florida, you can either have an all-in policy or a walls-in policy. With an all-in policy, the master policy will cover the exterior and interior of each unit, leaving the resident to only cover personal belongings and certain appliances. A walls-in policy, however, leaves the resident to cover everything from the walls to the inside of their unit.
While every insurance company has its own standards for what is covered under their hurricane insurance policy, most cover your house and surrounding structures as well as your personal belongings. Hurricane insurance can cover all sorts of damages, including those from heavy winds, flooding, storm surge, heavy rainfall, and more. It is important to understand that hurricane insurance does not always cover storm surge damage, unless it only happened due to hurricane damage. In certain cases, it can be questionable whether the damages were caused due to wind, flooding, heavy rainfall, or other circumstances, which is why it is important to have insurance that covers all those things.
Goodland & Swank wants to make sure you are prepared for any situation and that everything you care about is covered, including your home, personal property, car, and more.
| Coverage Type | Typical Coverage Limit |
|---|---|
| Dwelling Coverage | Typically covers the structure of your home, including the roof, walls, windows, and doors, against damage caused by hurricanes and related perils such as wind, hail, and rain. Coverage limits may vary based on the value and size of the home, but can range from $100,000 to several million dollars. |
| Other Structures Coverage | Provides coverage for structures on your property that are not attached to the main dwelling, such as detached garages, sheds, fences, and swimming pools. Coverage limits are usually a percentage of the dwelling coverage and may range from 10% to 20% of the dwelling limit. |
| Personal Property Coverage | Covers personal belongings such as furniture, clothing, electronics, appliances, and other items inside your home against damage caused by hurricanes and related perils. Coverage limits typically range from 50% to 70% of the dwelling coverage limit, but can be adjusted based on the value of your possessions and specific coverage needs. |
| Loss of Use Coverage | Helps cover additional living expenses if your home becomes uninhabitable due to hurricane damage and you need to temporarily relocate. Coverage limits are typically a percentage of the dwelling coverage limit, with common limits ranging from 20% to 30%. |
| Windstorm Insurance | Provides coverage specifically for wind-related damage caused by hurricanes, including wind-driven rain and wind-borne debris. Windstorm insurance may be included as part of a standard homeowners insurance policy or offered as a separate policy or endorsement, depending on the insurance provider and the risk exposure in your area. Coverage limits and deductibles may vary based on the insured property and the level of risk. |
| Flood Insurance | Covers damage to your home and personal property caused by flooding, which is a common risk associated with hurricanes. Flood insurance is typically purchased as a separate policy through the National Flood Insurance Program (NFIP) or private insurance companies that offer flood coverage. Coverage limits and premiums are determined based on factors such as the flood zone where your property is located, the elevation of your property, and the coverage options selected. |
| Hurricane Deductible | A special deductible that applies specifically to hurricane-related damage. Hurricane deductibles are usually expressed as a percentage of the insured property’s value (e.g., 1%, 2%, 5%) rather than a fixed dollar amount. The deductible amount is typically based on the insured property’s total value or the dwelling coverage limit and is applied separately from the standard deductible for other covered perils. Hurricane deductibles are common in coastal areas prone to hurricane activity and help mitigate insurers’ risk exposure during severe weather events. |
Hurricane insurance rates, also known as windstorm insurance or hurricane wind coverage, are determined by various factors that assess the level of risk associated with insuring properties in hurricane-prone regions. Insurance companies utilize sophisticated modeling techniques, historical data, underwriting guidelines, and risk assessment tools to evaluate these factors and calculate premiums. Here’s a thorough breakdown of the key determinants:
Location and Geographic Factors:
Historical Loss Data and Catastrophe Modeling:
Building Characteristics and Construction:
Roof Shape and Design:
Distance to Water and Flood Risk:
Deductibles and Policy Limits:
Claims History and Loss Experience:
Mitigation Measures and Preparedness:
Market Conditions and Regulatory Factors:
In summary, hurricane insurance rates are determined by a combination of factors including location, historical data, building characteristics, roof design, flood risk, deductibles, policy limits, claims history, mitigation measures, and market conditions. Insurers carefully evaluate these factors to accurately price hurricane insurance policies and manage the risks associated with insuring properties in hurricane-prone regions.
Prepare for the worst while hoping for the best with Goodlad and Swank Hurricane Insurance, your ultimate protection against nature’s fury. Picture this: a robust shield designed to safeguard your home, possessions, and peace of mind in the face of one of Mother Nature’s most formidable forces. At Goodlad and Swank, we understand the devastating impact hurricanes can have on communities and families. That’s why our hurricane insurance policies are meticulously crafted to provide comprehensive coverage when you need it most.
What sets Goodlad and Swank Hurricane Insurance apart is our unwavering commitment to proactive protection and support. Our policies offer robust coverage against a wide range of hurricane-related damages, including structural damage, flooding, and loss of personal belongings. Whether you live in a high-risk coastal area or simply want added peace of mind during hurricane season, our customizable options allow you to tailor coverage to fit your specific needs and budget, ensuring that you’re prepared for whatever comes your way.
Beyond the security of knowing you’re covered, choosing Goodlad and Swank means gaining access to a team of dedicated professionals who are committed to your safety and well-being. From expert guidance on hurricane preparedness and evacuation planning to seamless claims processing in the aftermath of a storm, we’re here to support you every step of the way. Don’t wait until it’s too late. Partner with Goodlad and Swank Hurricane Insurance today and take proactive steps to protect your home and loved ones against the destructive forces of nature.
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At Goodlad & Swank, we are proud to offer a full suite of insurance options.
Find out your risk and get protected. We offer coverage through the National Flood Insurance Program as well as private insurance carriers.
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Your property’s risk of damage from a hurricane in Florida is elevated. If the past has taught us anything, it’s to be prepared.
If you are a renter, you should have renters insurance. You will get the coverage you need at a price that fits your budget.
We not only help clients prepare for the unknown. We also provide various resources to understanding Florida’s Insurance options. Through our partnerships with top rated insurance companies, our affiliations and community resources, we can help you navigate through the insurance world.
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