Home Fire Insurance In Hurricane-prone Areas: Dual Risks – “Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board consists of a panel of financial experts whose aim is to ensure that our content is always objective and balanced.
Written by Cate Deventer Written by Cate DeventerArrow Right Former writer and editor, Insurance Cate Deventer is a writer, editor and insurance professional with over ten years of experience in the insurance industry as a licensed insurance agent. Contact Cate Deventer on Twitter Twitter Contact Cate Deventer on LinkedIn Linkedin Cate Deventer
Home Fire Insurance In Hurricane-prone Areas: Dual Risks
Edited by Maggie Kempken Edited by Maggie KempkenArrow Right Senior Editor, Insurance Maggie Kempken is the insurance editor for . She helps manage the creation of insurance content that meets the highest quality standards for accuracy and clarity to help readers navigate complex home, auto and life insurance information. She also focuses on ensuring that the insurance content represents and follows the brand. Maggie Kempken
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The National Oceanic and Atmospheric Administration (NOAA) predicts a 40 percent chance of having an average hurricane season in 2023. According to NOAA, we can expect between 12-17 named storms, with 1-4 of them potentially developing into major hurricanes ( category 3, 4 and 5). Residents along the Atlantic coast and Gulf of Mexico are familiar with the challenges of an active hurricane season, from preparing for power outages to searching for lodging along evacuation routes. Homeowners have the added challenge of securing insurance that covers the wind and flood damage that typically accompanies hurricane season. The insurance editorial staff, composed of licensed insurance agents and writers with a combined decade of industry experience, reviews what basic home insurance covers and where to find supplemental insurance for what it doesn’t cover.
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Insurance companies don’t sell stand-alone “hurricane policies,” so you’ll need to rely on your home insurance and some supplemental policies, like flood insurance, to get adequate coverage. Depending on your circumstances or preferred level of financial protection, you may need to consider higher coverage limits or coverage add-ons to your policy, beyond what a standard HO-3 or HO-5 policy provides. Most homeowner policies provide financial protection against windstorm damage for:
Residential coverage covers the structure of your home, your roof, attached structures and built-in appliances like your water heater or kitchen cabinets. You usually buy this coverage equal to the total rebuild cost of your home. Since property replacement costs have increased 30.4 percent over the past five years, you may want to consider purchasing optional endorsements, such as guaranteed replacement cost coverage that promises to repair or rebuild your home even if the cost of rebuilding exceeds the cost at the time of the loss. the housing limit on your insurance.
Other structures coverage pays to repair or replace detached structures on your property, including garages, sheds, barns, gazebos, in-ground swimming pools and more. This cover is based on a percentage, usually 10%, of the home cover limit. For example, if you have $400,000 in home coverage, you can have up to $40,000 in coverage for detached units.
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Personal property insurance covers your personal possessions, such as clothing, furniture and appliances. Typically, the personal property coverage limit is a percentage of the home coverage limit. Many insurance companies provide personal property coverage of 50% to 70% of the home’s insured value, according to the Insurance Information Institute (Triple-I).
If you live in a state where hurricanes are common, it’s important to make sure you have enough personal property coverage. For the highest amount of protection, consider insuring your possessions at their replacement cost value rather than their actual cash value, so you can replace them with new items of similar value.
Homeowners insurance helps you pay for extra living expenses if you are temporarily displaced after
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