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July 2018 Archives

Insurance can provide financial protection after a storm hits

If a homeowner in Florida is impacted by a hurricane, a homeowners insurance policy may cover some of the damage incurred in the storm. For instance, a claim may be approved if a tree branch falls through the roof and allows water to enter. However, if water entered on its own, a homeowner would only be covered if he or she had a flood insurance policy.

Why flood insurance can be beneficial

Florida residents should know that homeowners insurance policies do not provide any type of flood insurance. It is also important to understand that it can be hard to define what a flood is because it can be caused by anything from poor drainage to the landfall of a hurricane. However, when water enters a home, the damage that water causes may be covered by a policy from the National Flood Insurance Program.

The importance of hurricane insurance

Hurricanes can cause cost cities and states billions of dollars, and homeowners can lose their entire real estate investment. With these storms expected to get stronger as time goes on, it's become more important than ever to get insurance coverage. While regular property insurance will usually cover the damage that comes from hurricane winds, flooding is considered a separate issue. Homes in Florida, as seen with Hurricane Irma, are particularly vulnerable to rising waters from storm surges.

How to buy hurricane or flood coverage

Florida residents may have heard that forecasters are predicting an active tropical storm season. To protect themselves financially, it may be worthwhile to purchase hurricane and flood insurance. Flood insurance is required for a person who lives in a storm zone if he or she is using a government-backed loan to purchase it. While homeowners' insurance policies may cover some damage caused by a storm, it may be best to purchase hurricane insurance.

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