MCF

Hurricane Season is on The Horizon: Are You Prepared?

2024 Hurricane Season Predictions

Will a Homeowner’s Policy Cover Hurricane Damage?

High-Risk Zones and Restrictions on Coverag

Hurricane Damage Coverage May Require More Than One Insurance Policy

Can You Buy Hurricane, Windstorm or Flood Coverage Right Before a Hurricane?

MCF

NEWS & EVENTS

Hurricane Season Is On The Horizon: Are You Prepared?

05/14/2024

2024 Hurricane Season Predictions

The 2024 hurricane season forecast predicts that we’ll see as much as 23 named storms. The weather patterns also suggest that these storms might be stronger and hit more often. A big part of preparing for the possible impact on you, your home, or your business, is understanding what your coverage entails. Ensuring compensation for any hurricane-related damages requires you get the right insurance beforehand. Take the time to check in with your MCF agent and refresh your hurricane coverage plans so you’re not caught off guard this season. 

 

Will a Homeowner’s Policy Cover Hurricane Damage?

Your homeowner's policy includes coverage for various types of storm damage, including some caused by hurricanes. That said, given the severe damage hurricanes can bring, those living in hurricane-prone areas need additional policies to fully cover damages. The extent of your coverage depends on several factors, including:

  • The type of damage
  • How it was caused
  • The type of homeowner’s policy and your location

High-Risk Zones and Restrictions on Coverage

Properties and homes in high-risk zones differ significantly in coverages from those in regions lower in risk. For instance, your standard homeowner, renter, or condo insurance might offer some protection against the damages caused by hurricane-winds, but if you're in an area frequently hit by such storms, you might have exclusions for this type of wind damage. This may require you to purchase additional coverage specifically for windstorm damage. 

In addition to the coverage differences based on your area, another complicated aspect of hurricanes is the different kinds of damages they cause. This means not all kinds of damages may be covered by your homeowner's policy alone, and figuring out what's covered can be complex.

 

Hurricane Damage Coverage May Require More Than One Insurance Policy

Hurricanes come with a host of dangerous situations that can harm your property in several ways. While most people usually worry about the high wind damage, the truth is, water damage can be far worse. This is why it's crucial to explore what are the different kinds of insurance coverage you might need to protect yourself from hurricane damage. Three important coverages include:

  • Homeowner, Renter or Condo Insurance (Windstorm and sewer backup endorsements)
  • Windstorm Coverage
  • NFIP Flood Insurance and Excess Flood Insurance (for homes over $250,000 in value)

Can You Buy Hurricane, Windstorm or Flood Coverage Right Before a Hurricane?

If a hurricane is on the horizon, insurance companies might stop selling any new policies related to hurricane damage. Each company has its own rulebook on this, but it’s pretty common practice. Once you are about 48 hours before a hurricane watch, it may not be possible to buy coverage.

Purchasing storm insurance just before a storm won't immediately protect you due to the waiting periods associated with these policies. For instance, although it's possible to secure flood insurance, it generally becomes active after a 30-day waiting period. Therefore, attempting to secure insurance just as a hurricane or flood approaches means leaving yourself unprotected against any imminent damage.

Given the extensive destruction hurricanes can cause, and the existence of diverse insurance policies that may or may not cover hurricane-induced damages, your best bet is to reach out to your insurance provider and ask all the essential questions to be sure you have the appropriate coverage you’ll need. Here at Massey, Clark, Fischer, we are more than happy to help you through the process! Contact us.



 

Disclaimer: The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.

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