What you need to know about Hurricane Insurance?

Hurricanes. They strike fear in the hearts of homeowners, businesses, and even some national governments. In 1947, a hurricane destroyed Hatteras Island on the coast of North Carolina, completely wiping out the Outer Banks village of Ocracoke Island. Even though Hatteras Island was rebuilt, there has been talk of evacuating Ocracoke Island just to be safe. You never know when your home or business could be destroyed by a storm, however rare an event that may seem.

Whether you live in a hurricane-prone area or not, it's important to understand how your homeowners insurance can cover damage from wind damage. First, hurricanes are named storms that form over tropical waters, so they're typically considered "named perils." This means that if you live in an area at high risk for hurricanes, your insurance company may exclude windstorm coverage from a homeowners policy. You'll need to get an endorsement for windstorm coverage via your Hurricane Damage Insurance consultant Oakland.

Besides an endorsement to your homeowner’s policy, you may get wind insurance as:

• A separate windstorm and hail policy
• Through your state’s Fair Access to Insurance Requirements (FAIR) plans
• Through your state’s Beach plan

FAIR plans are meant to be a last resort for hurricane insurance through a state-run pool. Beach plans are similar to FAIR plans but are only available in certain coastal communities in the Atlantic and Gulf states.

A few factors will determine how much you pay for hurricane insurance:

• Your location: If you live in an area that is at risk of hurricanes, expect to pay more than if you live in a less vulnerable area. That's why it's important to know exactly where your home will be when it's time to get a quote—and what potential threats it might face from natural disasters.
• The age of your home: If your home is older or hasn't been updated in a long time, it may not be eligible for certain types of coverage or discounts. Check with your agent before applying for any policies to find out if this applies in your situation.
• How much coverage you purchase: You'll have a choice between different levels of coverage when buying insurance for storms (or other natural disasters). The higher level of coverage that you choose, the more expensive it will be--but also the more protection it offers against damage caused by windstorms (and other weather events). This refers to how much money you'll need to pay before receiving compensation from an insurer after a hurricane damages your home.

Renters insurance covers many of the same things as homeowners insurance, but it does not cover flood damage. If you live in a high-risk area and your landlord's insurance does not cover flood damage, consider purchasing flood insurance. Renters insurance may also protect you from wind damage during hurricane season. Double-check your policy with your Hurricane Damage Insurance consultant Oakland to ensure that you are covered from all the dangers of hurricane season.

As you can see, hurricane deductibles are often dramatically lower than regular home insurance deductibles. However, the price to pay is having to deal with a hurricane while your property is damaged or in danger of further damage. If this sounds like a scenario you would want to avoid at all costs, it may be worth the extra money to get a policy with a higher or unlimited deductible.