The hurricane season usually arrives in Tampa within the last half of the calendar year, with September and October being the busiest months for hurricanes and tropical storms. Property and infrastructure along a hurricane’s path are vulnerable to substantial destruction, leaving families displaced and businesses shut down. Preparing for the looming danger can be life-saving, aiding your hurricane recovery and rebuilding efforts. Taking out the right insurance policy can help shield your home or business from financial losses caused by hurricanes.
The Tampa Bay area has one of the highest rates of underinsured and uninsured homeowners, leaving them susceptible to substantial losses after a disaster. While hurricane victims can apply for FEMA assistance, proper insurance coverage ensures you get maximum protection against damages caused by a disaster, allowing you to recover faster. This guide highlights the lessons learned from hurricane recovery and why adequate coverage is essential.
Understand the Importance of Adequate Coverage in Hurricane Recovery
A hurricane can be shattering, leaving a trail of devastation and destruction in its wake. Recovering from the impact of a hurricane can take a toll on your finances. You might have to rely on government grants and resources to rebuild your livelihood. With many people counting on the same, the local economy may bear the brunt, leading to further distress.
Adequate insurance coverage should be an integral part of your hurricane recovery plan. It reduces your financial burden during hurricane recovery. Insurance also minimizes dependence on public funds, allowing uninsured and underinsured property owners to benefit from disaster assistance. Even if you have insurance, you can still apply for FEMA assistance if you need more help with hurricane recovery. However, FEMA cannot duplicate benefits for hurricane damage already covered by your insurance policy.
Take Out the Appropriate Insurance Coverage
What we’ve learned over the years about hurricane recovery in Tampa is that many homeowners and businesses take out the incorrect coverage for their properties. It’s prudent to know that not all insurance options are similar. They differ in coverage amounts, monthly premiums, and deductibles. In addition, insurance policies do not cover all natural hazards. Some policies might cover hurricane damage but not flood damage and mold growth.
The good news is that homeowners insurance in Tampa typically covers hurricane damage, meaning you do not have to take out a separate policy. Review your deductible and understand your coverage, you may want to opt for a larger policy. Typically your policy will include a separate hurricane deductible of either 2%, 5%, or 10% of the dwelling or structure limits per calendar year. This means if your home is insured for $400,000 and your deductible is 5%, you would be responsible for paying $20,000 out-of-pocket expenses.
Flood insurance is another story. Flood insurance is a separate policy from your homeowners and can be with a separate carrier. Typically, you are only required to have flood insurance if you live in a flood zone and have a mortgage. With the recent historical flooding, it’s a good idea to explore adding flood insurance—even if you do not live in a flood zone. If you have issues getting flood insurance, The National Flood Insurance Program (NFIP) managed by FEMA can help.
Consulting a credible insurance company is the best way to find the appropriate coverage for hurricanes and other disasters common in Tampa. Ensure you read through the fine print before adding your signature to avoid surprises when filing a claim.
Buy Adequate Insurance for Optimal Protection and Speedy Recovery
While Tampa is one of the most hurricane-prone areas in Florida, many homeowners and businesses remain underinsured or uninsured. The reasons for this issue vary greatly. Given the frequency of hurricanes in the region, Florida homeowners pay higher insurance premiums, making coverage unaffordable for many. Some property owners assume they are automatically eligible for disaster assistance and recovery in federally declared disasters.
Despite the challenges, you should consider buying adequate coverage to help with recovery costs after a hurricane or natural disaster. Borrowing from lessons learned from the past, the risks posed by hurricanes in Tampa outweigh the annual insurance costs. If you do not have enough insurance, you may have to pay out-of-pocket to meet recovery costs as you rebuild your livelihood and way of life.
Estimating how much insurance you need can be daunting since you never know the expected magnitude of a hurricane. However, insurance companies can use available data to approximate the impact of a disaster and offer affordable premiums to match your protection needs. With adequate insurance, you can expect optimal protection and speedy recovery when disaster strikes.
Comply With the Latest Building Codes
Making your home or business premises more resilient against hurricanes and hazards can help you maximize coverage and expedite recovery efforts. Here is where the importance of complying with the latest building codes comes into play. After formally adopting and implementing stronger building codes in 2002, insurance companies in Tampa, Florida, require homeowners to comply with these codes to mitigate damages and losses after a disaster.
Even with adequate coverage, complying with building codes matters. Florida building codes focus on protecting your home against the impact of natural hazards. Insurers expect property owners to take extra measures to make their buildings more resilient against natural disasters. Your insurer may reject your claim if your home does not meet the minimum statewide building code requirements, leaving you stranded.
Insurance companies usually offer financial incentives to compliant homeowners to ensure optimal protection and recovery after a disaster. You might pay lower premiums or even receive extra funding if you take additional steps to protect your home from the impact of natural disasters. You can learn more about the role of Florida’s building codes in hurricane recovery from the 2018 Hurricane Michael and how they are helping property owners exploit the benefits of adequate coverage.
Obtain Adequate Coverage To Expedite Hurricane Recovery
Learning from the past can help homeowners prepare for and recover from natural disasters. As we embark on another dreadful hurricane season in Tampa, having adequate coverage is crucial in supporting your recovery efforts after a disaster. Proper insurance protection covers most natural hazards, including hurricanes, keeping communities safe before, during, and after a disaster.
Policyholders do not have to depend on the state or federal government for hurricane recovery assistance. Your coverage plan provides the financial resources you need to repair and rebuild your home or business. Obtain adequate coverage from a credible insurance company for optimal disaster protection and speedy hurricane recovery. We are #TampaStrong.