Hurricane Insurance Deductibles

Hurricanes are some of the costliest natural disasters on the planet. Hurricane Katrina alone caused upwards of $110 billion dollars in wind and flood damage to the United States Gulf Coast region and continued all the way up into New England and southeastern Canada. The devastation wrought by this powerful storm would have been made all the worse if those that were hardest hit, were not covered by hurricane damage insurance.

For most, the typical homeowner’s insurance policy covers wind damage. Unfortunately, flood damage is not covered in these plans. Flood insurance can be purchased through the national flood insurance program, offered through FEMA. And in states like Florida and Louisiana, hurricane protection plans must be purchased separately.

In addition to flood insurance, people who live in hurricane-prone areas are subject to a hurricane insurance deductible. These hurricane insurance deductibles are typically between 1% and 5% of the total value of a home. In the aftermath of hurricane Irene in 2011, many insurance companies waived the hurricane deductibles for residents in New England who were hit by this rare Northeastern hurricane.

Hurricane Damage Insurance

Be sure that you know how much your hurricane damage insurance deductible is so that you can be prepared for sometimes significant out of pocket costs in repairing your home after a storm. Although the waiving of hurricane damage insurance deductibles as in the case of hurricane Irene is a rare event, there are other ways to lower your insurance costs.

Your hurricane damage insurance fees can be less if you do things like reinforce your garage door, install hurricane shutters, and install hurricane straps to your roof. Although your costs may be diminished by protecting your home from different types of hurricane damage, the overall hurricane damage insurance payment will depend on where you live and the value of your home.