So far in 2009, there have been no major hurricanes that have touched the U.S. mainland which is a relief for the homeowners insurance companies and the companies that provide vacant home insurance.
Last year, hurricanes were also light but the previous three years saw a tremendous amount of hurricane activity and homeowners and vacant homeowners insurance rates soared in Florida and the coastal regions of Georgia, Louisiana, and South Carolina. Many regions in Florida require three separate policies. One policy for wind damage which could come from a hurricane. One for flood damage from heavy rain or a hurricane. The third is a basic homeowners insurance policy which normally excludes flood and has a limited wind benefit in Florida.
If a home in a coastal region or in the State of Florida becomes empty or unoccupied for longer than 60 days it will need a special vacant homeowners insurance policy. There are not many insurance companies that provide vacant home insurance in Florida or in any of these coastal regions. If one seeks quotes, make sure you know what perils the plan covers for, and of course see if wind is a covered peril or an exclusion. If you are lucky enough to find an all-risk vacant homeowners insurance policy make sure wind is not listed as an exclusion because all-risk policies do not have a list of what is covered and only the exclusions need to be examined.
Last year, hurricanes were also light but the previous three years saw a tremendous amount of hurricane activity and homeowners and vacant homeowners insurance rates soared in Florida and the coastal regions of Georgia, Louisiana, and South Carolina. Many regions in Florida require three separate policies. One policy for wind damage which could come from a hurricane. One for flood damage from heavy rain or a hurricane. The third is a basic homeowners insurance policy which normally excludes flood and has a limited wind benefit in Florida.
If a home in a coastal region or in the State of Florida becomes empty or unoccupied for longer than 60 days it will need a special vacant homeowners insurance policy. There are not many insurance companies that provide vacant home insurance in Florida or in any of these coastal regions. If one seeks quotes, make sure you know what perils the plan covers for, and of course see if wind is a covered peril or an exclusion. If you are lucky enough to find an all-risk vacant homeowners insurance policy make sure wind is not listed as an exclusion because all-risk policies do not have a list of what is covered and only the exclusions need to be examined.
Posts
No comments:
Post a Comment