One of the toughest ordeals a homeowner can go through is a hurricane. After all, they can tear away homes right away from their very foundations. This is why it’s important to be prepared for it in case a hurricane hits your area. However, some find it very surprising that both storm and flood damage aren’t covered in your basic homeowner’s insurance policy. In today’s post, the storm damage experts from ARCH Exteriors share three things you need to know about hurricane damage coverage.
Standard Homeowners Insurance Coverage
A standard homeowner’s insurance policy covers your home’s structure, detached units such as a garage, your personal property and living expenses if you were displaced. The limit for personal property is determined by a percentage of the insured amount of the home. Many insurance providers give a property coverage of about 50 to 70 percent of your home’s insured value. If you want to adjust this value, you’ll have to contact your insurance agent, although it will come with premiums.
You Can Have Hurricane Deductibles
Coastal states are at higher risk of encountering hurricanes, so they include separated deductibles allocated for hurricane repairs or roof replacement projects in their standard homeowner’s policies. It’s usually stated in front of the policy or the declarations page. However, these deductibles can be pricey at around one to five percent of your home’s insured value. For example, if your home is insured for $250,000 with a 5 percent hurricane deductible, you’ll have to pay $12,500 upfront.
Flood Insurance Is Purchased Separately
What comes as a surprise to most homeowners is that flood insurance is actually a separate option that’s not included in a standard homeowner’s insurance policy. If you live in a federal flood-prone area with a mortgage, you’ve most likely purchased flood insurance through the National Flood Insurance Program when you bought your home. This program provides up to $250,000 in dwelling coverage and an additional $100,000 for personal property coverage.
Looking for an experienced roofer in your area? ARCH Exteriors, LLC, a family-owned and -operated company with over ten years of experience, offers professional exterior services, including window and roof replacement services. To get a free estimate, call us at (877) 214-2831 or fill out this form.