For many reasons, it’s difficult to estimate how much money it will cost to protect your home against hurricane damage. Among them:
- Hurricane coverage consists of multiple insurance policies, each of which can vary in cost
- Prices fluctuate from one carrier to the next
- Some parts of the state are considered higher-risk
- Home values affect the cost of coverage
However, the average cost of homeowners insurance in Florida is $1,951 and the average cost of flood insurance is $723, according to Bankrate. Therefore, on average, Florida homeowners pay approximately $2,674 per year in premiums to protect against hurricane damage.
In addition, all Florida homeowners are subject to a special deductible for hurricane damage. This deductible is triggered by losses resulting from a hurricane that’s been declared as such by the National Weather Service. Losses apply to damages:
- That occur from the moment a hurricane watch or warning has been issued anywhere in the state;
- Up to three days after a watch or warning ends; and
- Any time hurricane conditions are present throughout the state
The deductible – which applies once per hurricane season – is based on a percentage depending on the degree of risk to the property. Insurers in Florida must offer deductible amounts equal to $500, 2%, 5%, and 10% of the policy dwelling limits (unless the percentage deductible is below $500).
The insurance company won’t pay for any damages until the deductible has been reached.