Homeowners in Miami and throughout Florida need to be prepared for common natural disasters like hurricanes and tornadoes. When these disasters hit, they can cause extreme damage to your home and personal belongings, making it important to have windstorm coverage to protect your property.
Windstorm insurance offers the coverage homeowners need to protect their homes against damage caused by windy weather patterns, which includes hurricanes and tornadoes. While this coverage is often included in home insurance policies, those that live in high-risk areas may have to purchase a separate wind insurance policy to get the protection they need.
Here’s everything homeowners need to know about windstorm insurance in Miami, FL.
What is Windstorm Insurance?
Windstorm insurance provides coverage for homeowners that protects them from damages caused by certain types of windstorms, like hurricanes and tornadoes.
Homeowners in areas like Miami are particularly vulnerable to these types of disasters, making it important for them to take steps to protect themselves and their homes against damages. Windstorm insurance covers damages caused by wind to your home, personal belongings, and property.
Homeowners insurance policies often include coverage against wind damage. But, depending on where you live, this coverage may be excluded if you are considered to be at a high risk of suffering damages from windstorms. In this case, you would have to purchase windstorm insurance separately, or if available, you can add it to your home insurance policy as an optional endorsement. In other cases, you might be required to pay a separate deductible for windstorm damages.
What does it cover?
Windstorm insurance covers any damage caused by winds, which includes perils like hurricanes, tornadoes, cyclones, and tropical storms. This can include roof damage, broken windows, structural damage to your home, or damage to detached structures.
Keep in mind, though, that to protect against flood damage, you’ll have to purchase a separate flood insurance policy through the National Flood Insurance Program.
Is Wind Insurance Required in Florida?
Florida does not require homeowners to carry wind insurance or home insurance. However, your mortgage lender may require it as hurricanes, tropical storms, and other types of windstorms are common hazards for homeowners in Miami and throughout Florida.
Florida does generally require insurers that offer home insurance to also offer windstorm coverage for hurricanes that are declared by the National Weather Service. This ensures that Florida homeowners are protected against wind, rain, hail, and dust damage caused by hurricanes, even if they don’t have windstorm insurance.
However, this may not apply to homeowners in wind-pool areas. Wind-pool areas are the highest-risk areas for windstorms. This generally includes coastal and beachfront properties that are within close proximity to major bodies of water.
Who Needs Windstorm Coverage?
Even if you are not required to carry wind insurance, homeowners in Miami should strongly consider it as damages from wind can be very significant. Without windstorm coverage, you may be on the hook for major out-of-pocket expenses if your home is damaged by a hurricane or another covered peril.
Homeowners that live in wind-pool areas, in particular, should strongly consider purchasing wind insurance to protect their property against potential damages. Homeowners in these areas often only have the option of purchasing windstorm coverage through Citizens Insurance — a non-profit that provides property insurance to homeowners that can’t find coverage through private insurers.
Insurance purchased through Citizens Insurance can be costly, though, so it’s worth comparing prices from private insurers first to find the best rates available.
Cost of Windstorm Coverage in Miami
The cost of windstorm coverage in Miami can vary significantly depending on several factors, including:
● Your home’s location, primarily its proximity to a major body of water
● Whether your coverage is purchased as an endorsement or as a separate policy
● Your insurance provider
● The value of your home
● Your home’s age
● How your home was built
Beachfront properties, for example, are likely to have much higher windstorm insurance rates than homes located more inland. If your home is located in a wind-pool area, you will face much higher rates, and in some cases, you might only be able to get coverage through Citizens Insurance.
Since Miami is a coastal city, homeowners in this area are likely to face higher wind insurance rates than homeowners in cities like Jacksonville.
Florida homeowners can also often lower their windstorm coverage rates via wind mitigation credits. These credits are allocated to homeowners that make improvements to their homes that reduce the risk of suffering damages caused by windstorms.
Wind mitigation credits are offered through the Florida Comprehensive Hurricane Damage Mitigation Program. To qualify for these credits, you will have to have a home inspection, during which the inspector will look for features like hurricane shutters, storm-resistant doors, and other protective features.
If your home has the necessary wind-resistant features, then Florida insurers are required by law to offer discounted rates for wind insurance.
Request a Windstorm Quote
Windstorm coverage helps protect homeowners in Miami from common disasters like hurricanes. This type of insurance protects homeowners from suffering significant financial damages if they are impacted by one of these disasters.
Contact FIB Insurance today to get a custom quote and learn more about windstorm insurance in Miami, FL.