With insurance premiums skyrocketing here in Florida – you may be asking yourself if the additional premium you’re paying for wind and hail coverage is a sound investment. In some cases, 70% or more of your home insurance premium may be associated with the wind related portion of the overall risk.
Purchasing wind coverage in conjunction with your homeowners insurance can be worth the additional cost in most areas, including Southwest Florida, which is located in a region that is prone to hurricanes and other wind-related weather events. Wind insurance typically provides coverage for damages to your home and belongings caused by windstorms, including hurricanes, tornadoes, and other high-wind events.
Consider the following factors when deciding whether wind insurance is worth the additional cost:
- Location: If you live in an area with a high risk of wind-related damages, such as Fort Myers, Florida, where hurricanes are common, wind insurance may be worth considering to protect your home and belongings from potential damages caused by windstorms.
- Home Value: If you have a higher-valued home, the potential cost of repairs or replacements due to wind-related damages could be significant. Wind insurance can provide financial protection in such situations, helping you cover the cost of repairs or replacements.
- Existing Coverage: Review your existing homeowners insurance policy to understand what it covers in terms of wind-related damages. Some standard homeowners insurance policies may have exclusions or limitations on wind-related damages, and purchasing wind insurance could provide additional coverage in such cases.
- Personal Financial Situation: Consider your personal financial situation and risk tolerance. If you have the financial means to cover potential wind-related damages out of pocket, you may choose to forgo wind insurance. However, if the potential cost of wind-related damages could be financially burdensome, wind insurance could provide valuable protection.
- Local Regulations or Lender Requirements: Depending on where your home is located, there may be local regulations or lender requirements that mandate wind insurance coverage. It’s important to check with your local authorities and mortgage lender to understand any requirements that may apply to your specific situation. Generally speaking – if you have a mortgage then you are likely required to carry wind coverage.
Ultimately, the decision to purchase wind insurance will depend on your individual circumstances, risk tolerance, and budget. It’s important to carefully review your insurance needs, consider the potential risks and costs, and compare quotes from different insurance providers to make an informed decision. Consulting with an insurance professional can also be helpful in determining whether wind insurance is appropriate for your needs.