Understanding Common Property Insurance Policy Exclusions in Florida
Living in Florida, where hurricanes are a recurring threat, homeowners must have comprehensive insurance coverage that includes protection against hurricane-related damages. However, understanding the fine print of your hurricane policy is equally important. In this blog post, our homeowners' insurance lawyer discusses what exclusions homeowners should be aware of in a typical insurance policy in Florida. Being informed about these exclusions can help you better prepare for potential gaps in coverage and make informed decisions regarding your insurance.
1. Flood Damage:
Flood damage is one of the most significant exclusions in many property insurance policies. Homeowners should be aware that most policies typically do not cover damage caused by flooding, including storm surges and rising water levels. To protect against flood damage, homeowners must purchase a separate insurance policy through the National Flood Insurance Program (NFIP) or a private insurer. If you live in an area prone to flooding, review your policy, and if there is no coverage, contact your insurance agent today to explore your options. Explore our property insurance coverage lawyer's blog post on steps to shield your property from heavy rains.
2. Named Storm Deductible:
Some Florida Insurance policies include a named storm deductible higher than the standard deductible. This deductible applies when a named storm, such as a hurricane or tropical storm, causes damage. Our property insurance attorneys encourage homeowners to review their policies to understand the specific deductible amount and how it affects their out-of-pocket expenses in the event of a hurricane. For a detailed explanation of hurricane deductibles, click here for an informative blog post from our hurricane coverage lawyer.
3. Wind-Driven Rain Exclusion:
Some policies may exclude coverage for damage caused by wind-driven rain, even if it enters the home through openings created by hurricane-force winds. This exclusion highlights the importance of properly maintaining and sealing windows and doors to prevent rain intrusion. For a more detailed explanation of preparing your property for wind damage, click here to explore a blog post from our property claims lawyer.
4. Delayed Coverage:
Homeowners should know that some insurance policies impose waiting periods before hurricane coverage takes effect. If you purchase a policy shortly before a hurricane is forecasted to hit, you may not have immediate coverage for storm-related damages. Review your policy to ensure you are prepared and have binding coverage before a storm hits. For more explanation on relevant time limitations for filing your hurricane insurance claim, click here.
5. Percentage Deductibles:
Certain policies may use a percentage-based deductible for hurricane-related damages, which can be calculated based on the insured value of your property. Understanding how this deductible works and how it may impact your claim payments is essential. If you have any questions regarding your insurance deductible, contact an experienced property insurance attorney near you. For further information on hurricane deductibles, click here to explore a blog post from our property insurance coverage attorney.
6. Condominium Policy Limitations:
If you own a condominium, be aware that the master policy held by the condominium association may cover some structural elements, such as the roof and exterior walls. Homeowners should review their condominium policy to understand what is covered and any potential gaps in coverage. For additional information on your condo insurance policy, click here.
7. Maintenance Requirements:
Some insurance policies can require homeowners to maintain their properties in good condition. Failure to perform regular maintenance, such as trimming trees or securing loose roofing materials, may result in claim denials or delays. Review your policy to make sure that, in addition to paying your premiums, you comply with your insurance policy's obligations.
8. Business-Related Property:
If you operate a business from home, be aware that your property insurance policy may not cover damage to business-related property or equipment. Separate business insurance coverage may be necessary to protect your business assets. Please review your policy for business-related exclusions and contact an experienced property insurance claims lawyer near you.
Conclusion:
Understanding the exclusions in your hurricane policy is essential for Florida homeowners to be fully prepared for the next storm to hit. It allows you to make informed decisions about supplemental coverage, take necessary precautions to protect your property, make alternative arrangements, and ensure that you have a clear understanding of what is covered by your insurance policy.
We are experienced in handling property insurance claims and are here to assist homeowners in understanding their policies and advocating for their rights. If you have questions or need legal guidance regarding hurricane policy exclusions or insurance claims, click the link below to schedule your free consultation with one of our experienced property insurance coverage attorneys.
