Flashlights? Check. Weather radio? Check. Candles, generator, non-perishables… check, check, check. But, does your Florida hurricane kit include boat insurance and flood insurance with a side of windstorm coverage? This combo for hurricane preparation may be as vital to your wellbeing as the water, sandbags and fresh batteries stocked in the ideal storm kit. Learn from a knowledgeable insurance advisor how to protect your possessions from even the strongest hurricane. Rest easy knowing that in the worst-case scenario, you’ll be able to rebuild. For secure coverage from boat to backyard and beyond, consider this:
Florida Boat Insurance
How’s your hull? We don’t mean that gorgeous gel coat. If you have not elected physical damage coverage (also known as hull coverage), you need to secure it…like, yesterday. Historically, the havoc caused by strong winds and debris leads to extreme physical damage. Heed this cautionary tale: If you choose not to purchase coverage for the hull, you won’t be able to claim salvage expenses. And that means if your vessel is submerged, you will be floating some serious cash.
Hurricane haul-out coverage is another consideration. For Florida boat owners, this coverage is dictated by the severity of the approaching storm. If NOAA declares a hurricane watch or warning, that coverage activates. Think of it as a sort of ‘sleeper coverage’ that’s always waiting in the wings– just in case. If your boat must be moved out of harm’s way, this coverage likely will kick in. Read your policy for the specifics. Be sure to ask your agent any questions long before a storm approaches.
Know your NSD, or “Named Storm Deductible.” NSD basically means that if the storm is given a moniker, you’ve essentially ‘won’ the NSD lottery. Isn’t that a positive way to consider it? You’ll find that many marine policies feature up to a 10% NSD that is derived from the hull limit shown on your policy declarations page.
Include your vessel in your hurricane plan. Know what to expect if the ‘Big One’ approaches. The result will be that you’ll be able to focus on what really matters–the safety of your family and friends. Avoid the possibility of overwhelming financial loss that can linger long after the storm dissipates into the Gulf. We suggest reviewing your policy coverages and limits annually as part of your storm prep plan.
Homeowners Insurance – and Don’t Forget Flood Coverage!
Water and wind: As Shakespeare would say, “Ay, there’s the rub.” Fancy a hurricane with a side of flood and gale? None of us do. And neither does your Florida homeowners insurance. Though it may seem intuitive that a homeowners insurance policy should protect against all storm damage, they often don’t. Keep in mind that a property policy (home/condo/dwelling fire) does not protect you from rising storm surge or rising surface water losses. A separate flood insurance policy is necessary to protect you from flood loss, whether that excess water is due to a tropical depression or a whopping Category 5 mega-system.
Call your insurance advisor for options. Factor in extra deductibles for damage caused by hurricanes; Florida has this. It’s also a good idea to ask whether you also require windstorm coverage. Hurricane-force winds can rip the roof off your home or bring a tree down on top of it.
Talk with your Florida insurance advisor about the need for windstorm and flood insurance, and make sure you are protected for a rebuilding scenario. After all, if the Big Storm does its worst, the right insurance coverage makes it much easier to put the pieces of your life (and your property) back together.