The 411 on Hurricane Insurance
Good hurricane insurance is an important purchase for virtually all people who live in regions of the country that are not just at high risk for hurricanes, but that are also at least somewhat so as hurricanes do sometimes hit in unexpected areas. This kind of insurance can also cover one from the less severe tropical storm as well. The following is an encapsulation of the forms of this insurance typically in the market place.
The two major categories of damage that this type of policy covers include wind and hail. Usually, the largest monetary damages will result from the wind, but it is important to keep in mind that hail can also be a source of significant damage to property. When considering this policy, it is important to remember that any damages resulting from flooding will not be covered. (Flood insurance is available as a separate option.) No company includes flooding coverage in a hurricane policy, however any and all structural damage resulting from wind and hail will be covered, as previously mentioned.
This insurance differs in that the deductibles are usually designated as a percentage of the damages as opposed to a specific dollar amount. This is due to the fact that hurricanes will often inflict enormous damage, completely destroying homes and other structures. Policyholders should know clearly what the deductible is when receiving a policy quotation and then they can have a general idea of how much money might need to be paid when a claim is filed.
There is a distinct probability that the traditional property insurance that you presently own will not pay out for damages due to such previously mentioned severe storms. Although your current policy will likely cover such events as fire or a tree limb falling on your roof, an insurance provider will see a hurricane quite differently. Hurricanes inflict damage across a wide swath of territory and often result in huge monetary liabilities for insurance providers. This is the reason for hurricane coverage being sold separately from a homeowner’s policy.
Read the policy details of your current coverage carefully knowing that, as a property owner who resides anywhere near areas prone to tropical storms or hurricanes, you will probably need to obtain this important type of insurance to be fully protected. Without proper coverage you can be one natural disaster away from being financially devastated.