As a homeowner in the Tampa, Florida, area, it’s essential to have homeowner’s insurance. If you have a mortgage on your home, most lenders require you to have some type of homeowner’s coverage. In addition, you may need additional flood insurance.
When a natural disaster like a hurricane strikes, companies like the Red Cross, United Way, and the Federal Emergency Management Agency (FEMA) provide pre-storm and post-storm support with shelter, food, and health services. But, your insurance company steps forward to get financial compensation to you quickly and efficiently when your home or property has suffered hurricane damage. With prompt action on your part, preparation of documents, and open communication with your insurance company, you can get financial help quickly and efficiently.
Why You Should Have Homeowner’s Insurance
Most lenders require homeowner’s insurance. Depending on the policy coverage, this type of insurance pays for certain types of damage to the home’s structure, your personal belongings, and medical liability coverage. It’s important to note that your homeowner’s policy won’t pay for damage as a result of flooding; however, it does typically cover damage from rain intrusion, such as from your roof or along windows.
In Florida, if your home is paid for, you don’t have to have homeowner’s insurance. However, without it, you’ll have to pay out of pocket for repairs caused by natural disasters, broken pipes, or theft. If you calculate the cost of repairs or replacement of your home and personal possessions against the monthly cost of homeowner’s insurance, you may realize that having insurance is a smart financial choice.
Do I Need Hurricane Insurance?
Hurricane insurance technically doesn’t exist under that name. Instead, you need to get additional flood insurance and keep the windstorm deductible on your homeowner’s insurance policy, together known as hurricane deductibles.
Most hurricanes produce large amounts of rain that can lead to damaging flooding in and around your home and property. Homeowner’s insurance does not come with flood insurance. You can ask your insurance company if they can add a flood damage deductible to your existing policy, or find another company to buy stand-alone flood insurance. In case your current insurance company doesn’t offer a flood insurance rider, FEMA’s National Flood Insurance Program (NFIP) helps connect homeowners with insurance companies that provide flood insurance.
Wind damage is another major hazard of hurricanes and tropical storms. Florida requires all insurance companies to have a windstorm deductible on homeowner’s insurance policies. However, you can opt out of this deductible if you choose to. While choosing not to have the windstorm deductible will lower your monthly insurance premiums, if your home has wind damage from a hurricane, you’re responsible for paying for all repairs caused by the wind damage.
What Does My Insurance Company Do for Me After a Hurricane?
Your insurance company has a fiduciary duty to stand by you in times of need, including a natural disaster. An insurance company’s primary goal is to provide financial compensation for a specified loss, whether it’s damage to your home or loss of personal possessions.
Reputable insurance companies will have open communication with you, as the policyholder, throughout the claims process, whether through phone calls, apps, emails, or in-person. Insurance companies will often send representatives to a disaster zone, and often to isolated communities, to help answer questions and expedite the claims process.
In a broader role, insurance companies work with disaster victims and communities to help build resilience and negate some of the financial difficulties individuals and businesses face after a natural disaster. They provide valuable financial support for communities.
How To File a Claim
During your pre-hurricane preparation, be sure to gather all important documents related to your home, including a copy of your homeowner’s insurance and flood insurance. Having these documents will help expedite the claims process.
Contact your insurance company as soon as possible after your loss. If you don’t have the contact information for your insurance company, you can contact the National Association of Insurance Commissioners (NAIC). Call them at 816-783-8500, email them at help@naic.org, or learn more from their website. You should also be able to get the information through your mortgage company.
Take an inventory of your home’s contents, and if possible, have before and after photos. If you must make emergency repairs at your own expense, keep receipts of tools, supplies, and workmanship. Once you’ve filed the claim, your insurance company will send an adjuster to inspect the property and should write a settlement based on your information and their evaluation. Depending on the severity of the natural disaster, your adjuster should arrive at your home within 3 to 5 days or longer if it’s difficult for the adjuster to access your home.
Once you receive the settlement quote, read the documents thoroughly. If you feel comfortable with the claim settlement, sign the necessary documents. Your insurance agent will give you a time frame regarding when you should receive your settlement money to help you rebuild your life after a natural disaster.
If you cannot return home due to unsafe conditions or extensive damage, speak with your insurance company about financial help for shelter and food. If your policy doesn’t have emergency rental coverage, contact FEMA for shelter assistance.
How Long Does My Insurance Company Have To Respond to a Claim?
In Florida, the insurance company should acknowledge your claim within 14 days of receiving it. Once they receive the claim, the insurance company has 30 days to decide to pay or deny the claim or ask for more information and details. While you’ll want to file a claim as soon as possible after a hurricane, you have up to 12 months to file the claim before it’s automatically denied.
Once the insurance company receives all pertinent information from you and its adjuster and approves the claim, they have 90 days to pay the settlement. Keep in mind that with a massive natural disaster like a hurricane, insurance companies can get overwhelmed with claims. The Florida Office of Insurance Regulation may issue emergency orders to extend any insurance claim timeframes.
Keep Your Homeowner’s Policy Updated
Your insurance company will work with you before and after a natural disaster to ensure you have the best policy for your unique situation. A reputable company will acknowledge your claim quickly and get you financial compensation as quickly as possible. Before a hurricane hits, review your homeowner’s policy, understand what it covers, and, if necessary, add riders and deductibles for optimal flood and windstorm coverage for your Tampa, Florida, home.