What Is the Average Cost of Hurricane Insurance in Florida?

According to the Office for Coastal Management, severe storms like hurricanes caused roughly $3.8 billion in damage throughout the Central, Gulf, South, and Southeast areas of the country. For individual homeowners, even minor damage can lead to thousands of dollars of repairs. That’s why investing in hurricane insurance is so important. Like all insurance products, the exact amount you’ll pay will depend on a few factors. Here’s what your Florida hurricane insurance claims attorney wants you to understand about your coverage.

What Is Hurricane Insurance?

Contrary to popular belief, hurricane insurance isn’t a stand-alone policy type in Florida. Instead, it’s part of your regular homeowners’ insurance policy that combines different coverage types to protect your home against damage common after hurricanes. In most cases, hurricane insurance covers damage caused by flooding, windstorms, hail, and other similar hazards. In Florida, much of your homeowners’ insurance policy will be designed to address those hazards. But you won’t have to pay an additional premium for hurricane coverage.

The Average Cost of Hurricane Insurance for Floridians

The exact price you’ll pay will depend on the type of coverage and coverage limits you choose when purchasing your policy. However, the average Floridian pays about $2,155 per year for homeowners’ insurance, and that price covers hurricane insurance. Since the price can vary from homeowner to homeowner, it’s a good idea to understand the factors that impact the cost of your insurance premiums.

Factors That Impact the Cost of Coverage

Each insurance provider will assess your property differently, so the factors that influence the amount you’ll pay for homeowners’ and hurricane insurance will change depending on the provider you’re considering. But there are some factors that most insurance companies consider, including the following:

• The value of your home:  The higher your home’s value is, the more your homeowners’ insurance may cost. This is because the insurance company will have to pay out a higher amount if your home is damaged.
• Your claims history: If you’ve had to file claims in the past, your insurance provider may view your property as a higher risk. They could charge you more to offset that risk.
• Your home’s age: Older homes are typically more at risk for significant repairs, so insurance providers may charge you a higher price if your home is more than 50 years old.
• Your credit score: Having a high credit score shows insurance providers that you’re financially responsible and are more likely to maintain your home. This means you’re a lower-risk homeowner and they may offer you lower premium rates.

If you’re worried about the cost of homeowners’ and hurricane insurance, consider shopping around for coverage. Get quotes from several insurance providers and choose the provider who offers you the best rates for the highest-quality coverage.

What Happens if You File a Claim

Hurricanes and tropical storms can pop up almost without warning. For Florida homeowners, that means it’s incredibly likely that you’ll need to file a homeowners’ insurance claim at some point. 

If your home is damaged during a storm, the first thing you’ll want to do is notify your insurance company. Your insurance agent should guide you through the process and help you initiate a claim. Then, document the damage as best you can. Take pictures of everything and write down descriptions of the damage as you find it. Your insurance provider will send out an adjuster to inspect your property. After their inspection, your insurance provider will either approve or deny the claim. If your claim is approved, they’ll offer you a settlement amount.

If you’re dissatisfied with the settlement or are certain that your denied claim should be approved, a Florida hurricane insurance claims attorney can represent your interests with the insurance company.

Work With an Attorney if You File a Claim

Hurricane insurance is part of your homeowners’ insurance policy but that doesn’t mean your insurance company will give you a fair payout if your home is damaged. If you’re worried about your settlement, the team at Parrish Law can help. Contact us to schedule a free consultation.