Hurricane Insurance – Cost and states/regions apply

Hurricane insurance can also be known as specialized catastrophe insurance that provides coverage for flooding or strong winds (which cause damage to the property). These policies are commonly required in high-risk hurricane states like Florida and Texas. I will give some information about hurricane insurance cost, states/regions apply in this article. You can read to the end to know more.

Hurricane deductibles

Hurricane deductibles differ from regular homeowners insurance deductibles. They are calculated as a percentage of the home’s value. Unlike regular deductibles, which are a fixed dollar amount like $500 or $2,000, hurricane deductibles can range from 2% to 5% of the home’s insured value. For example, for every $100,000 in home coverage, the hurricane deductible could be $2,000 to $5,000.

Regions Where Hurricane Deductibles Apply

The states/regions where hurricane deductibles apply are:

  • Alabama
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Mississippi
  • New Jersey
  • New York
  • North Carolina
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Texas
  • Virginia
  • Washington D.C.

Hurricane insurance cost

The price of hurricane insurance can differ greatly based on various factors, making it difficult to comprehend. So here are some average cost estimates to give you a general idea:

  • National average: $1,820 per year, according to NerdWallet
  • Florida: $2,555 per year, including hurricane and flood insurance, according to NerdWallet
  • Texas: Up to $5,000 per year, according to USA Today

Conclusion and some advices

Some states that are prone to hurricanes do not cover wind-related damage in their homeowners insurance policies. Therefore, if you want to safeguard your property, you need to buy a separate windstorm insurance policy. This policy will cover all damages caused by wind instead of relying on the regular homeowners policy. In addition to hurricane coverage, windstorm insurance also protects against damages caused by tornadoes, cyclones, and other strong winds.

Deciding whether you need hurricane insurance depends on various factors, such as the likelihood of a hurricane damaging your home and your personal financial circumstances. It might be helpful to seek advice from a financial advisor who can assist you with your specific requirements.