Florida residents have certainly experienced their fair share of extreme weather events over the past several years. While it has been over ten years since the last hurricane made landfall in our state, we have still had our share of tropical storms and experienced the damaging effects of named hurricanes that have come too close to our coastlines for comfort.
If you, like some Florida homeowners, are thinking about lowering your homeowners insurance coverage, or increasing your deductible in favor of a smaller annual premium, consider this: the successful never let their guard down.
You may have heard it said that the best offense is a good defense. This is just as true in the financial realm as it is in the world of sports. Just like Floyd Mayweather mastered the art of keeping his chin tucked and his fists up, even when his body was ready to duck and weave, so too, it takes a bit of mental fortitude to purchase enough coverage year after year, in case “the big one” is out there. It may very well be that your best defense against potential financial ruin is keeping enough coverage in place to protect your tangible assets, starting with your home.
Homeowners Insurance Hurricane
To some degree, most homeowners insurance policies will cover some damage incurred by a hurricane. For example, should a tree blow onto your home, or a piece of lawn furniture come sailing through your living room window, it is highly likely that those repair costs will be covered. What may or may not be covered, is damage that occurs because of rising water. Most insurance companies consider flood insurance to be a separate entity, and therefore damage that occurs because of the storm surge, an abundance of rain, or backed up storm drains, may not be covered under your current policy.
In the late 1960’s our federal government began developing what is now the National Flood Insurance Program in response to the increasing need for federal assistance after natural disasters. If it was determined that a community lay in a declared flood plain, residents were permitted to purchase this insurance through the federal government. At the time, flood insurance was rarely offered by insurance companies, and while private market flood insurance may be obtained today, it is rarely offered at a price that is competitive with what the federal government offers.
Because some areas of a community are more prone to flooding than other areas, the cost for flood insurance coverage is determined by risk factors, such as a property’s proximity to the coast. Private market flood coverage may be purchased beyond the limits of coverage set by the federal government, however the cost for that increased coverage is substantially more than the federally instituted plan.
In addition to having adequate flood insurance in place, you can further protect your house and property by keeping detailed records of your home and its contents. Furthermore, determining exactly when, and how damage occurs during a hurricane or other extreme weather event may be the key to ensuring that all your damages are covered.
Should a hurricane hit your area and inflict damage on your home or property, your general homeowners insurance policy will most likely cover the cost to repair damage incurred in the storm, however, negotiating your way through the claims process after an extreme weather event can be frustrating, stressful, and confusing. Want the best in the business in your corner? Our team is prepared to help you make sure you have coverage in place before the next hurricane or severe storm heads our way. For more information about flood insurance, or to determine whether or not you have the coverage you need, contact us today. Remember, a good financial defense may be the key to sound offense, so don’t let your guard down! Have your insurance in place BEFORE the next big one hits!
If you would to like to discuss your options for homeowners insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.