There is a difference between “needing” and “required” and even after the sad effects Hurricane Sandy put on homes and families on the east coast, some mortgage lenders were hit so hard they have made hurricane insurance a “subject to” condition to future homeowner insurance policies. But if you want to face facts you might discover that there are probably thousands of homeowner’s who misunderstood what their “original’ homeowner’s insurance policy covers; merely assuming needed coverage was actually included.
If you live in an “at-risk” region of the east coast, hurricane insurance coverage is a necessary requirement for protecting your home. And although the standard homeowner policy will cover any wind storm damage, the “mouse print” in your policy states that any post water or flood damage that occurred during and after a hurricane is not covered. That folks is why each and every person living on the east coast and having or planning to buy a homeowner’s insurance policy should know NOT what the policy will cover, but what the policy WILL NOT cover.
Some hurricane insurance can be a “rider” to your homeowner policy and cover resulting wind and water damage. It also includes fire, repairs to your home, and removal of all debris in and around your property. It can also provide replacement cost for personal property as well as living expenses. That said common sense should tell you that you would need to purchase a policy offering enough coverage to replace your hurricane-ridden home, but since you live in a coastal region of the east coast, the cost may be unreasonable.
Mother Nature has few friends when it comes to hurricanes and she always bats last. Ergo, it’s incumbent on the homeowner to seek as much coverage protection as they can afford. One way to do that is to get moving purchasing hurricane insurance now, not after the windstorm is 10 miles away. Some insurance companies, and you’ll have to do some due diligence to find them, will offer a home insurance “rider” as mentioned earlier, that covers hurricane related damages. Taking this “rider” path will normally change the deductible you’ll incur from a flat rate to a percentage of the overall coverage limit of any hurricane related claims. This approach for a small extra premium “rider cost” will change the coverage of your existing homeowner’s policy to extend to storm damage caused by a hurricane.
Living on the east coast you’ll need hurricane insurance. Here are three ways to save money on your hurricane insurance policy:
** Raise the deductible to help reduce the premium but only if you can afford it.
** Buy a home or renovate your existing home so that it is more “hurricane resistant.” A brick home will withstand hurricane-force winds better than one made of siding.
** Some insurance carriers will give discounts for having wind resistant construction features added.
Finally when shopping for hurricane insurance get quotes about discounts and other cost saving opportunities available before buying and you should also consider exploring a flooding insurance policy so you are fully protected from all of mother natures elements, except of course earthquakes, volcanoes, sinkholes and probably a few other things like spaceships.