- Personal Lines,Property & Casualty
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Now that Hurricane Joaquin is history, you may be asking yourself, “If my house is hit by a hurricane, am I covered?” Many policyholders have the common misconception that they are automatically protected for all damages caused by a large storm. Unfortunately, this is not always the case.
Wind damage to your home caused by a storm is covered under most homeowners’ policies. Depending on the location of your home, insurers may establish a separate (higher) deductible for claims involving hurricane damage.
However, standard homeowners policies exclude coverage for flood and storm surge that may accompany a hurricane. Coverage for flood and storm surge must be obtained under a single-risk Flood Insurance policy through the National Flood Insurance Program (NFIP).
Most people residing in a high-risk flood zones are required to purchase Flood Insurance by their mortgage lender, but those living in a moderate-risk or low-risk should know that their chances of flooding are increasing with changes in our climate and long-range forecasts predicting more active and more intense hurricane seasons.
Unlike Homeowners Insurance policies that respond to pay losses caused by a wide variety of perils, NFIP policies are meant to cover losses caused by only one peril: flood. Unfortunately, coverage under the NFIP Flood Insurance is relatively narrow in scope but it is still better than no Flood Insurance at all.
Please contact your agent at The Safegard Group if you would like to learn how your coverage program would respond in event of hurricane damage.