According to the Insurance Information Institute, Triple-I, hail and wind are the most common causes of property damage. A windstorm is any type of wind that causes light damage to trees or buildings or other property. Windstorms are often associated with hurricanes and tropical storms but they can also occur as a result of a strong cold front or convective storm.
Florida homeowners insurance policies cover wind damage to your home. Florida homeowners insurance policies typically cover windstorm damage, but you will need to add a deductible for wind damage from named tropical cyclones. Flood damage caused by a storm will require a separate policy.
Florida Windstorm Insurance
Florida does not require windstorm insurance. Your lender will most likely require windstorm insurance if you apply for a Florida mortgage.
Florida is subject to strong winds every year, particularly during hurricane season. Florida regulations require that property insurance policies cover windstorm damage to homeowners, renters, and condos. However, the amount you pay for protection against windstorms will depend on where you live. You will pay more if you live near the beach than inland.
Do I need windstorm coverage?
Windstorm insurance covers damage to property and dwellings from strong winds, hail, rain, and other substances that are caused by windstorms. While Florida law doesn’t require homeowners to have windstorm insurance, many mortgage lenders require it. Even if your lender doesn’t require windstorm insurance you may be able to save more in the long-term. Windstorm damage can often become expensive. It is a smart idea to check with your insurance provider to see if your policy provides adequate protection against wind-related damage if you live in an area that is susceptible to hurricanes and other weather-related events.
What is the cost of windstorm insurance?
Different carriers handle windstorm insurance differently. Prices vary depending on location, type of policy, home value, and deductibles. In the event that wind damages occur, some property insurers will only charge a separate deductible.
For $250,000 of dwelling coverage, the average cost for homeowners insurance is $1353 per annum. Kin Insurance refers to wind coverage as . This is a percentage rather than a fixed amount. If your hurricane deductible was 2%, then you would have to pay $5,000 for wind damage. These deductibles can be as high as 10%, which could cost you $25,000 if your home is damaged by hurricane winds.
How can I obtain windstorm insurance?
Florida law requires that insurers who provide coverage for any property also cover windstorm damage under their standard policies. But homeowners who live in areas more susceptible to windstorms (e.g. coastal communities) may not be able to obtain a policy that provides greater wind insurance coverage.
Windstorm insurance is offered by most Florida property insurers for an additional premium and a separate deductible. Amica Mutual, Travelers, AAA, and Amica Mutual are some of the top home insurance companies that offer windstorm insurance.
You might consider the Florida Market Assistance Program (FMAP) if you are having trouble getting windstorm insurance. This is a free service that assists Floridians in finding windstorm insurance. FMAP allows you to search for other property insurers that offer windstorm insurance. By submitting a written request, you can opt out of windstorm coverage. Although this may reduce your insurance costs, you could end up paying more for windstorm coverage in the future.
Windstorm insurance: How to Save
Windstorm insurance can increase your property insurance premiums. However, there are many ways to save money on windstorm coverage. You can also get assistance from the state to lower your costs.
Florida Hurricane Damage Mitigation Program
The Florida Hurricane Damage Mitigation Programme (FCHDMP), which helps Florida property and home owners reduce the risk of windstorm-related property damage, lowers insurance rates, and assists in reducing their insurance premiums.
Florida law allows homeowners with hurricane-resistant and wind-resistant features to be eligible for wind mitigation credits. This gives them the opportunity to get a reduced insurance rate for windstorm coverage. Windstorm mitigation inspectors will most likely check for hurricane shutters, wind-rated garage doors, wind-resistant windows, doors and windows.
Your property insurance company will give you a greater discount if you have a larger wind mitigation credit. The inspector might suggest additional preventative measures to reduce your insurance costs.
How to protect your home against windstorm damage
Florida homeowners can take steps to protect their homes from wind damage. This will help reduce the effects of a hurricane. You can also lower your insurance premium by adding protective measures to your home. There are several ways homeowners can protect their homes in Florida from severe winds.
- Storm shutters are installed.
- Proper sealing of garage, windows and doors
- Clear gutters and roof covering.
- Hurricane straps are used to reinforce your roof. They attach to the walls of your home and roof.
- Wind-rated garage doors can also be installed.
Questions frequently asked
What is the average price of home insurance?
In 2021, the average cost of home insurance for a 250k residence was $1,312. Florida homeowners pay about 3% more on average than the national average with an average cost $1,353.
Which are the top home insurance companies?
Your location and your needs will determine which home insurance company is best for you. Before purchasing an insurance policy, it is a smart idea to shop around for quotes from different companies. As a starting point, Bankrate selected our top home insurance companies in Florida.
Are windstorm insurance requirements in Florida?
While windstorm insurance isn’t required by Florida law it will most likely be required by your mortgage lender. Even if your mortgage is not required, your homeowners insurance policy may cover wind damage to your home and possessions. This will ensure that you are financially protected against any severe storm losses.
Is windstorm insurance available with flood coverage?
Flood insurance must be purchased separately from windstorm and property insurance. Flood policies are usually sold by property insurance companies, but they are often underwritten by FEMA’s National Flood Insurance Program. Florida homeowners also have flood coverage offered by more than 30 private insurance companies.