Understanding the Cost of Hurricane Insurance

Protecting Your Property Before and After a Hurricane

If you live in an area that is vulnerable to hurricanes, it is essential to protect your home or business from storm damage. This means not only physically storm-proofing your property, but also making sure your insurance policies are active and provide the coverage you need.

Insurance coverage can be expensive, and insurance companies do not always have your best interests at heart. Here is what you should know about the cost of hurricane coverage and why you may want to hire a hurricane insurance lawyer after a storm.

How Hurricane Insurance Coverage Works

In most cases, there is no single “hurricane insurance” policy that homeowners can purchase to protect against tropical storms. However, most homeowners insurance policies include coverage for wind damage. You should review your policy carefully to confirm that this coverage is included.

You should also consider purchasing flood insurance, which protects against flood-related damage. Together, wind and flood coverage can provide much of the protection commonly associated with hurricane insurance, since tropical storms often cause damage through both high winds and flooding.

Keep in mind that insurers may stop issuing new policies or changing existing coverage once a storm watch or warning has been issued or when a storm is approaching. If your property is vulnerable to hurricanes, it is important to review and update your coverage well before a storm is on the way.

The Cost of Hurricane Insurance Coverage

It can be difficult to estimate how much it will cost to protect your property from hurricane damage because several factors can affect the price:

• Coverage components: “Hurricane coverage” typically involves at least two types of insurance: homeowners or wind coverage and a separate flood insurance policy.
• Location: Insurance costs vary by state, insurance company, and the level of hurricane or flood risk in your specific area. Some parts of a state may be considered much higher-risk than others.
• Property value: The value of your home, the cost to rebuild it, and the amount of coverage you purchase can also affect your insurance premiums.

You can research the average cost of homeowners insurance in your area through resources such as Insurance.com. For estimated flood insurance costs, you can also review information from QuoteWizard or speak directly with an insurance provider. Rates can vary significantly, and even homeowners in states frequently affected by hurricanes may pay different amounts depending on their property, location, coverage limits, and individual risk factors.

Understanding Hurricane Deductibles

Standard insurance deductibles may range from $500 to $2,500. Generally, the higher your deductible, the lower your insurance premium may be, and vice versa.

Certain states, including Florida, may also allow separate deductibles for hurricane damage. These deductibles must be met before your insurance coverage begins paying for covered losses and may be calculated differently from your standard deductible. Be sure to familiarize yourself with your policy, your insurance provider’s requirements, and any state laws that may apply to your coverage.

Experts often recommend carrying at least $300,000 in liability coverage for your home. However, liability insurance is separate from the coverage that pays for hurricane-related damage to your property.

Why You Might Need a Hurricane Insurance Lawyer

Even if you purchase the right coverage and file a valid claim for storm damage, your insurance company may refuse to provide compensation. Generally speaking, their goal is to pay as little as possible no matter the situation. Some of their go-to tactics include:

• Delaying processing or fulfilling a claim: Insurance companies might stall the process to discourage you.
• Undervaluing a claim: They may offer only partial payment, not covering the full extent of your damages.
• Requesting a written release of supplemental claims: They might ask you to sign away your rights to future claims before paying you.
• Arguing coverage: Insurers often claim that certain damages are not covered by your policy, even if they are.
• Convincing you to accept less: They may try to persuade you to accept less than you need and deserve.

When you run into these challenges, you need a law firm in your corner with the resources and reputation to take on the insurance company and win. With 1,100 attorneys, 4,000 support staff, and over 35 years of experience, Morgan & Morgan is one of the few who can take on almost any insurance dispute. We understand these policies inside and out, and we will fight for FULL compensation for our clients.

No one wants to deal with an insurance company on their own. Contact a hurricane claim lawyer who can handle them while you focus on recovering, repairing, and rebuilding.

Contact a Hurricane Insurance Lawyer

If the insurance company has denied, delayed, or undervalued your claim, contact Morgan & Morgan. We take pride in holding big companies accountable when they try to take advantage of hardworking Americans. Across all practice areas, we have recovered more than $35 billion for clients, fighting For The People, not the powerful.

To learn more, contact us for a free, no-risk case evaluation. It costs nothing to hire us, and we get paid only if you win.