As hurricane season approaches, many homeowners wonder whether their home insurance covers hurricane damage.
Standard homeowner policies cover the structure of your home. You can increase the dwelling coverage limit by purchasing endorsements such as guaranteed replacement cost coverage.
Most home insurance policies also cover your personal belongings. This coverage is typically limited to a certain percentage of the dwelling coverage limit.
Wind and Hail Damage
Some homeowners' insurance policies cover damage caused by hail and wind, but not all. You may need to purchase a separate policy or add an endorsement to your existing homeowners policy if you live in an area prone to hurricanes.
In general, the dwelling coverage limit in a standard homeowner's policy will pay to repair or replace a damaged house, less any deductibles. This is also true of "other structures", which includes things like fences and sheds.
Windstorm insurance is designed for homeowners in areas prone to severe storms such as hurricanes. It covers damage to your roof, fencing, windows, and vehicles. Some policies also cover debris removal following wind damage. These policies usually carry a higher deductible than standard homeowners' insurance and typically exclude flood damage.
Flood Damage
Hurricanes can cause water damage and flooding. Flood damage can usually be covered by a separate flood insurance policy, available through the National Flood Insurance Program or a private insurer that specializes in homeowners insurance. Water damage from other sources, such as a leaking roof, is covered under the comprehensive section of a standard homeowners insurance policy.
If you live in an area prone to hurricanes, your home insurance policy may carry a hurricane deductible that is higher than the standard deductible. Check your policy declarations page for details.
Some policies cover debris removal in addition to the listed perils. The cost of removing trees, branches, and other debris from your property after a hurricane may be included. If it is not, you can add this coverage to your policy.
Debris Removal
When calculating property damage from a natural disaster, debris removal is often overlooked. Many insurance companies include automatic coverage extensions in their property policies for this reason. The automatic amount varies by insurer and does not usually exceed the limits for building and contents.
Check your policy's debris removal section carefully. Some insurers do not cover debris removal at all, while others cover only a small percentage of the property damage limit.
Keep detailed documentation of your home's exterior and interior, including any renovations or repairs. This documentation can serve as evidence if an insurer disputes or denies a claim.
Replacement Cost
Depending on your insurer, you may be able to purchase an extended replacement policy. This add-on increases dwelling coverage by a set percentage above your current Coverage B limit, helping protect against rising construction costs.
In hurricane-prone areas, your homeowners' insurance may also include a hurricane or named-storm deductible on top of your standard deductible. These deductibles typically range from 1% to 5% of the dwelling coverage limit. They are intended to protect insurers from large catastrophic losses after multiple claims in quick succession. Check the coverage section of your policy declarations for details on when hurricane deductibles apply. If a named storm causes flooding that damages your property, a separate flood insurance policy is necessary.
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