Reviewing and updating your homeowners’ insurance policy is your first priority before even the first hurricane is on the radar. Adequately understanding what is covered and what is excluded is easier said than done, below are some key policy coverage’s that will help you have some peace of mind during a hurricane experience.
These coverage’s are recommended by the Florida Department of Financial Services: https://myfloridacfo.com/
If you are currently missing any of the below coverage you should speak with your insurance agent or insurance company to discuss and consider adding it to your current policy.
You may also have a Public Adjuster such as the experts of Cavalry Public Adjusters schedule a free visit to review and discuss your current policy coverage and exclusions.
Additional Living Expenses/Loss of Use: This provides for the “additional” expenses of living elsewhere due to a loss to the insured residence by covered damage.
Replacement Cost Endorsement: This pays up to the limits for the replacement of a damaged or destroyed home or property, without deducting depreciation. This is different from Actual Cash Value, which pays for the actual value of damaged items and does not consider depreciation.
Windstorm Coverage (if not included in your current homeowners policy):
Windstorm coverage may be excluded if you live in a wind pool area (generally within 1,000 – 1,500 feet of a body of water, such as the gulf or the ocean).
Food Spoilage: Food spoilage is not always covered by most policies; however, if the coverage is included, most companies cover food spoilage due to a power outage caused by direct physical damage on the insured premises.
Sinkhole Coverage: This covers sinkhole losses on any structure, including personal property. Coverage may be restricted to the principal building, as defined in the policy.
Inflation Guard Endorsement: This endorsement may be added to most policies and provides for an automatic percentage increase in coverage amounts to help keep your coverage aligned with current construction costs.
Law and Ordinance: This pays an additional amount to apply towards the cost to rebuild or repair damages due to the enforcement of any ordinance or law regarding construction, repair, or demolition.
Flood Insurance (if not included in your current homeowners’ policy): Flood coverage may be included in your current homeowners policy by endorsement, or a separate policy may be issued. This coverage is important to have even if you are not in a designated flood zone.
Other Structural: This covers damages to your exterior such as fence, sheds and carports. It appears on your policy as Coverage B.
As Floridians know by now; the first line of defense when it comes to hurricane damages starts with your homeowners’ insurance and having the proper coverage.
Cavalry Public Adjusters provide free consultation before and after hurricane damages. We Are Your Adjusters. Call us today at 833-Your-Adjusters (833-968-7235) or visit us at: www.cavalrypublicadjusters.com