Is Wind Coverage Available in Florida?

Given Florida’s vulnerability to hurricanes and tropical storms, understanding wind coverage options becomes crucial for Miami homeowners. While wind damage is a concern for property owners throughout the state, there’s often confusion about how this coverage works within Florida’s insurance landscape. Clarifying wind coverage availability and considerations may prove helpful to residents.

Wind Coverage and Home Insurance

Florida may require insurers to include wind coverage in standard home insurance policies, in contrast to other states. This means when you purchase homeowners insurance, coverage for wind damage typically comes standard with your policy rather than requiring a separate policy.

However, Florida law does permit homeowners to exclude wind coverage from their policies in certain situations. This option might reduce premiums but leaves you financially responsible for wind-related damages. Before considering this option, homeowners should carefully weigh potential savings against the substantial risk of wind damage.

Hurricane Deductibles and Options

Florida insurance policies often include a separate hurricane deductible for named storms. Unlike standard deductibles set at fixed dollar amounts, hurricane deductibles are typically calculated as a percentage of your home’s insured value, commonly 2%, 5% or 10%.

For example, a Miami home insured for $500,000 with a 2% hurricane deductible would leave you responsible for the first $10,000 in damages from a named storm. The percentage options available vary based on your home’s insured value, with higher-value homes sometimes having different deductible requirements.

Special Considerations for Florida Homeowners

If you have a mortgage, your lender will likely require wind coverage as a condition of your loan. Waiving wind coverage generally isn’t an option for mortgaged properties in high-risk areas like Miami.

For those who own their homes outright, the decision becomes more personal. Still, it should account for the potentially catastrophic costs of repairing major wind damage without insurance. Even one significant storm could far outweigh years of premium savings from excluding wind coverage.

Learn More

Contact Florida Insurance Group in Miami, Florida, to discuss wind coverage options for your property. Our team can review choices that may align with your situation and location.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.