Protecting your property against natural disasters is essential as a homeowner in Florida. Windstorms, in particular, are common in the state and can cause significant damage to homes and other structures.
While Florida doesn’t require windstorm coverage, it offers essential protection against hazards like hurricanes. Before purchasing this coverage, though, homeowners should understand how it works, why they need it, and how much it costs. Here’s everything you need to know about windstorm coverage in Florida.
What Is Windstorm Insurance?
Windstorm insurance is a type of coverage that protects your property against damage caused by strong winds. This coverage is typically included in most homeowner’s insurance policies, but it can also be purchased as a separate policy. For example, in Florida, the law may require insurers to include coverage for windstorm damage caused by hurricanes in home insurance policies.
Windstorm insurance typically covers damage caused by hurricane-force winds, tornadoes, and other high-wind events. In addition, it can cover damage to your home’s structure and any personal property inside the home that was damaged by the wind.
Is Windstorm Coverage Required in Florida?
Florida law does not require homeowners to have windstorm coverage, but that doesn’t mean you don’t need it. If you have a mortgage on your home, your lender will require you to have windstorm insurance. This is because windstorm damage can be catastrophic, and if you don’t have insurance, your lender risks losing their investment. This is particularly true in states like Florida, which are prone to hurricanes.
Do I Need Windstorm Coverage in Florida?
While windstorm coverage is not required for homeowners in Florida, it is highly recommended. This is because windstorms can cause significant damage to your home and property, and without coverage, you could be left paying for repairs out of pocket.
Windstorm coverage is essential if you live in a coastal area or a region prone to hurricanes and other high-wind events. Knowing that you are protected against potential damage from these events can provide peace of mind.
Windstorm Insurance Deductibles in Florida
Due to Florida’s high risk of hurricanes, windstorm insurance typically comes with a separate deductible. This is the amount you must pay out of pocket before your insurance kicks in. In Florida, windstorm insurance deductibles are often calculated as a percentage of the insured value of your home. Therefore, the deductible can vary depending on your home’s value and coverage.
It is essential to understand your windstorm insurance deductible and how it will impact you financially in the event of damage to your property. Review your policy to know how much you’ll have to pay out of pocket after a hurricane damages your home.
How Much Does Windstorm Insurance Cost?
The cost of windstorm insurance in Florida can vary depending on several factors. These include the following:
- Location of your home
- Age and condition of your home
- Value of your home
- Amount of coverage you need.
On average, homeowners in Florida can typically expect to pay between $500 and $5,000 per year for windstorm insurance. However, this cost can be higher or lower depending on your circumstances. Florida residents typically pay more for this coverage than homeowners in other states due to the higher risk of hurricanes and tropical storms.
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Windstorm coverage is essential to protecting your home and property in Florida. While it may not be required, it is highly recommended.
At Levay Mack Insurance Group, our primary goal is to share our insurance knowledge so that you know what protection you are buying with your hard-earned money. With over 45 years of experience and as one of the largest independent insurance agencies in South Florida, we are proud to offer access to the top-rated carriers in the insurance industry.
Levay Mack covers South Florida from Palm Beach, St. Lucie and Brevard Counties! To learn more about our windstorm insurance policy options, contact us today for a free quote!