What Is It?
Windstorm Insurance is a special type of policy that helps protect you from property damage caused by hurricane, windstorm/hail, or wind driven rain. This coverage is usually offered in the form of a rider on a standard home policy through extended coverages or you can choose to carry a separate policy separate and apart from your homeowners policy. Homeowners insurance has many coverages however it does not extend to windstorms, hurricanes, hail or wind driven rain unless you include this specifically in your policy. A standard wind policy would include coverage against:
Wind Driven Rain
This policy will typically cover damages to your home, other structures on your property, and personal belongings inside your home. Additionally, there are many discounts available on windstorm portion or policies by obtaining a windstorm mitigation inspection. This specific inspection takes in consideration upgrades your home may have such as a newer roof and impact windows or shutters.
Why Is It Important?
Hurricane or windstorm insurance is especially important for many reasons but especially important to anyone who owns a home. Whether it is new construction, an investment property, or your primary home, all property owners are encourages to carry windstorm in the event of a storm. Homeowners insurance policy not covering damage due to the perils that are listed on the wind policy or portion of your policy, if there is a loss that occurs, the expenses can be high and unexpected.
How Much Coverage Is Needed?
Most lenders will require property owners to carry windstorm coverages however if there is no mortgage held, carrying wind coverage is at your discretion although it is always recommended. There are two ways to carry wind coverage in Florida, either a separate policy solely specific for windstorm or the coverage is included in your primary homeowners policy. Should you decide to carry the coverage in your property policy, the coverage would follow the policy limits of your hazard insurance with a separate deductible. This deductible determines the out of pocket expenses you as the insured or policyholder take on in the event of a loss. If a separate policy if preferred, the dwelling coverage and policy limits is determined in part by you the insured as well as the replacement cost estimator, provided by the carrier. The replacement cost estimator will help determine the rebuild value of the dwelling and set the standard for contents and subsequent coverages.