What You Should Know about Homeowner’s Insurance When Buying a Home During Hurricane Season

Hurricane season is here until November 30th. Therefore, it’s important to take note of some crucial information about homeowner’s insurance, especially when purchasing a South Florida home this summer.

Check Your Policy & Deductible

Make sure your policy covers the full value of your home and not just a percentage. Additionally, check your deductible to know how much you will be responsible for in the event of a hurricane. Some deductibles in Florida can be up to 10% of the value of the home.

Homeowner’s Insurance Is Not Flood Insurance

When purchasing insurance for your new home, make sure you also get a policy for flood insurance. Homeowner’s insurance will not cover damage done by rising waters. Hurricanes can produce flooding in neighborhoods that aren’t in designated flood zones, so it’s important to make sure your home is protected.

Do Not Delay

Florida insurance companies can suspend binding of policies in the days leading up to a storm, so it’s essential that you ensure your policy is in place way in advance of a storm.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.