Common Misconceptions About Hurricane Insurance

Hurricanes can wreak havoc on communities, potentially causing extensive damage to properties and infrastructure. Many homeowners and businesses invest in hurricane insurance to mitigate the financial burden that may arise from these natural disasters. However, several misconceptions surround this type of insurance, potentially leading to confusion and inadequate coverage. Stormy weather ahead sign

Misconception: Standard Homeowners Insurance Covers Hurricane Damages.
One of the most pervasive misconceptions is that standard homeowners insurance fully covers hurricane-related damages. While homeowners insurance typically covers specific perils like fire and theft, hurricane damage often requires a separate policy or additional endorsements. Hurricane insurance may cover specific risks associated with tropical storms, including wind damage, flooding and other storm-related perils not generally included in a standard homeowners policy.

Misconception: Hurricane Insurance Is Expensive and Not Affordable.
Another common myth is that hurricane insurance is excessively expensive and beyond the financial means of an average homeowner. While the cost of hurricane insurance may vary depending on several factors, such as location, building type and coverage limits, affordable options are often available. It’s essential for homeowners to conduct thorough research and consider bundling policies to find cost-effective solutions that suit their needs and budget. The qualified insurance professionals at Tanenbaum Harber Insurance Group can help with this process.

Misconception: Flood Insurance Is Included in Hurricane Insurance.
Many individuals may assume that hurricane insurance automatically includes coverage for flooding, but this may not be the case. Flood insurance may often need to be acquired and maintained through a separate policy issued by the National Flood Insurance Program (NFIP) or private insurers. As flooding is a common peril associated with hurricanes, homeowners in areas at risk of hurricanes should secure both hurricane and flood insurance to ensure comprehensive financial protection.

Misconception: Hurricane Insurance Covers All Types of Damages.
Some policyholders may mistakenly believe that hurricane insurance covers all types of damage caused by such storms. However, insurance policies may often include specific exclusions and limitations. For example, cosmetic losses or damages caused by lack of maintenance may not be covered. Understanding a policy’s terms, conditions and exclusions is essential to avoid unpleasant surprises during the claims process.

Misconception: I Can Wait Until a Hurricane Is Imminent to Get Coverage.
Insurance companies typically enforce a waiting period before coverage takes effect, which may span at least 30 days. As such, waiting until a storm is on the horizon may leave you without coverage amid potentially catastrophic conditions. With this in mind, obtaining hurricane insurance well in advance may be crucial to ensuring you have adequate financial protection when disaster strikes.

Get the Right Coverage
Hurricane insurance may prove to be a critical financial safeguard for homeowners and businesses in at-risk areas. While this type of coverage may prove invaluable, lacking a complete understanding of how it works could leave policyholders under challenging situations.

We’re here to help. At Tanenbaum Harber Insurance Group, we’ve served Florida homeowners and businesses for over 30 years. Our dedicated agents will utilize this extensive knowledge and experience to help property owners in the Miami area understand and address their hurricane-related insurance needs. Call one of our offices or visit our website to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

Common Misconceptions About Hurricane Insurance

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