Posted on July 28, 2016
For homeowners living near water, one of the biggest concerns when it comes to homeowner’s insurance is whether or not it will cover damages if a hurricane happens to hit. Making sure your insurance covers hurricane damage should be a priority, as many traditional insurances don’t cover all of the damages caused by a hurricane. From broken windows to serious flooding, this article will help you determine what your insurance covers after hurricane damage.
Floods are defined by insurance companies as any water that rises from the ground such as tidal waves and even damage caused by rapid snow melts. Unfortunately, floods are not covered by most traditional insurance policies. To be covered by your insurance for any damages caused by a flood, homeowners need additional flood insurance provided by the federal government but that can be purchased through an insurance company.
Flood premiums range between $600 to $6,000 annually depending on how high risk your property is. Some homeowners who live in high risk areas probably already have this insurance as many lenders won’t provide the mortgage without the homeowner purchasing that as well. It’s always a good idea to have flood insurance, even if you do not live in a high risk for flooding area.
Basic homeowner’s insurance policies do typically cover damages caused by winds, including broken windows, torn roofs and any interior damage from water falling into the home. They also cover damages that can be caused by a tree blowing over onto your house. In some states though, homeowners have to pay a deductible before their homeowner’s policies repair the damages. These deductibles can range from 1-5 percent of the total amount the home is insured for.
Other serious damages
If damage is so serious that you can no longer live in your home, most standard insurance policies will pay for your family’s living expenses while the home is being repaired.