The wind is bad enough. Wind and water combined are devastating. After your roof is damaged or shingles blow off during a storm, water can enter your home and ruin everything it touches. That's why having Wind Insurance (often called a Windstorm, Wind and Hail, Named Storm or a Hurricane Policy) is so important. It covers what your Homeowners Insurance won't. For people in 19 states, this is a costly reality.
WHY WIND POLICY SEPARATE FROM MY HOMEOWNERS? According to the Insurance Information Institute (iii), Hurricanes and tropical storms caused $161.2 billion in insured losses in the United States from 1995 to 2014. To limit their exposure to these losses, insurers in coastal states along the Atlantic seaboard and the Gulf of Mexico sell homeowners insurance policies with percentage deductibles for hurricane damage instead of the traditional dollar deductibles. These deductibles and premiums are separate from deductibles for other perils such as fire or theft.
TYPES OF WIND INSURANCE? Wind Insurance is really additional coverage you must add to your homeowners policy to cover damages from hurricanes, windstorms and in some cases hail. The deductibles and monthly premiums are separate and can be very different from the deductible or premium on your Homeowners or Flood Insurance.
DEDUCTIBLES There are two kinds: hurricane deductibles, which only pay for damage from named hurricanes, and windstorm or wind and hail deductibles, which pay for any kind of wind damage or damage from wind and/or hail. These policies usually have a percentage (%) deductible that's based on a percentage of your home's insured value and not a flat dollar figure. They are not based on a percentage of the actual damage or repair costs. These deductibles vary from 1 percent of a home's insured value to 5 percent, but 10 percent is not uncommon. So, if you have a 200K home, you'll need 10K if you have a 5 percent deductible.
NAMED STORMS In coastal states and Pennsylvania, if a Hurricane or Tropical Storm causes damage to your home, your Wind Policy is what will cover your damages, not your Homeowners Insurance policy.
WIND DRIVEN RAIN If your home is damaged by water that gets in because of wind, that damage is covered under your wind insurance policy. Water can get in many ways: by losing shingles or through a damaged roof; roof or attic vents; broken windows, and in some cases, even through cracks around windows and doors (in high wind). You must prove that water entered some other way, like a flood or sewer back-up, to have the damages covered under another policy. NOTE- Many policies exclude sewer and water back-up (you must add it), and Flood Insurance is a completely separate policy, like wind. Make sure you're covered by shopping your insurance.
WAYS TO SAVE Insurance companies provide a variety of discounts to homeowners for specific upgrades and features. Aside from moving further away from the water, building FORTIFIED can save you money on insurance costs.