Is there such thing as Hurricane Insurance?

Coastal residents have all felt that pit in their stomachs when hurricane season approaches. The question that often comes to mind is, "How can I protect my home and belongings?" You might have heard whispers about "hurricane insurance," but does it really exist?

Let's dive into this topic and clear up some misconceptions.

The Truth About Hurricane Insurance

Here's the reality: there's no specific policy called "hurricane insurance." However, that doesn’t mean coverage isn’t available for damage caused by a hurricane.

A hurricane isn’t a singular weather phenomenon. Instead, these storms consist of a bevy or weather events that cause property damage. Flooding, storm surge, tornadoes, and persistent high winds can reek havoc on properties within a hurricane’s path.

Since the way property can be damaged from a hurricane, protection against hurricane damage typically comes from a combination of different insurance policies.

What You Need to Know

1. Homeowners Insurance: This covers wind damage, including hurricane-force winds. However, it's crucial to check your policy's details, as some may exclude wind damage in hurricane-prone areas.
2. Flood Insurance: Standard homeowners policies don't cover flood damage. You'll need a separate flood insurance policy, which is especially important considering that 90% of all natural disasters in the U.S. involve flooding.
3. Wind Insurance: In some high-risk coastal areas, you might need a separate wind policy to cover hurricane-force winds when an underlying homeowners policy excludes wind damage.

The Cost of Hurricanes

Recent hurricanes have left devastating financial impacts:

• Hurricane Ian (2022): $112.9 billion
• Hurricane Ida (2021): $75 billion
• Hurricane Harvey (2017): $125 billion
• Hurricane Maria (2017): $90 billion
• Hurricane Irma (2017): $50 billion

These staggering figures underscore the importance of adequate insurance coverage. In fact, the National Oceanic and Atmospheric Administration reports that the U.S. has sustained 332 weather and climate disasters since 1980, where overall damages reached or exceeded $1 billion.

Protecting Your Home

While there's no single "hurricane insurance" policy, you can create a comprehensive coverage plan. Here are a few steps you can take to determine if your may be insuring your property adequately.

1. Review your current homeowners policy
2. Consider adding flood insurance
3. Check if you need separate wind coverage
4. Document your belongings with photos or videos
5. Stay informed about your area's hurricane risk

Remember, the best time to review your insurance coverage is well before a storm is on the horizon. Don't wait until it's too late – contact our office and we will help you design a comprehensive insurance protection plan.