Sometimes when people payoff their home, they will naturally consider making changes to their home insurance policy in an effort to save some money.
You see mortgage companies require certain things to be covered on a home insurance policy in Florida. One of the things they require coverage for are hurricanes. But before you remove hurricane coverage from your policy, there are two things you need to know.
Recently, we had a customer call in for an insurance quote and he mentioned that he was shopping his insurance because his insurance company didn’t cover the damage to his roof that was caused by a recent hailstorm and he was frustrated with his insurance company. In reviewing his current home insurance policy, we noticed that the policy was what we call an X-Wind policy.
This means that policy does not provide any coverage for damages caused by wind or hail. The customer told us that he removed hurricane coverage from his policy when he paid off the house a couple a years ago. But in speaking with him, it became apparent that he did not realize that when he removed the hurricane coverage from the policy that there were other coverages removed as well.
This takes us to the two things you need to know ….
When you remove hurricane coverage from a home insurance policy in Florida, you are also removing coverage for any other wind related event, such as tornados or other windstorms, and you’re also removing hail coverage from the policy as well.
Before removing hurricane coverage from your policy, be certain to ask the insurance company or agent if any other coverages will be omitted from the policy as well.
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