If you are a residential or commercial property owner in the Sunshine State, you have probably been exposed to severe weather that caused significant damage in your area. You may think your current property or homeowner’s insurance policy covers losses due to storms, but most insurance policies, especially for structures in an area with higher storm risk, do not extend to storm damage. Wind insurance in Florida is worth the added expense for better protection.
What is a Windstorm?
In Florida, a windstorm is usually considered to be a tropical storm or hurricane, but other significant weather events would also fall into this category. Severe thunderstorms, tornados, and hail storms would all be considered windstorms, and all of Florida is at risk for any of them.
What Coverage Options Exist?
Wind insurance in Florida is usually offered as a rider on an existing policy. Deductibles can be based on different plans, including as a percentage of the damage expenses or “all perils,” which may be a better value.
Is This Insurance for You?
Homeowners are not the only ones who would benefit from wind insurance in Florida. Commercial property owners would do well to consider it, especially if they own:
Institutional buildings, such as schools and hospitals
Industrial or manufacturing facilities
Retail commercial property
The best way to make sure you are adequately covered is by speaking with your agent. Insurance agents are always willing to provide a comprehensive review and adjust your plan accordingly.
Most insurance providers offer business commercial property insurance that can protect your operations in Florida for everything from a minor liability claim to something that could result in a major financial loss. Whether you own your own building, or lease your office space, business property insurance is the sure way to protect the assets of your business.
Disasters happen, and they’re not something that you often see coming. We take for granted that we’ll leave our office on a Monday night and when we arrive Tuesday morning everything will be just as we left it. But a hurricane could literally rip the building off of its foundation, or a fire breaking out in the office or warehouse could cause serious damage, including to the valuable contents within, or something as simple as a water pipe bursting could ruin computers, destroy important financial documents, and ruin furniture and other things necessary for ongoing daily operations. These are all valid reasons why you need to insure against any and all possible scenarios.
Why put your small business at risk?
Small business property insurance is one of the most important investments to help ensure the future productivity of your company. There are some important aspects of your business that commercial property insurance helps to protect, including your building, furniture and business equipment, any inventory or material goods, outdoor signage, and fences and exterior landscaping, along with any property belonging to others that is in your care.
There are a few different policies that will help to cover many of your concerns. As a small business owner (or one in a niche market), your company may be an ideal fit for a business owner’s policy (BOP). This is where the insurer bundles your commercial property and general liability coverages into one policy. This offers both convenience and discount rates. A commercial package policy (CPP) may be a more ideal fit for mid-size to larger firms, depending upon your risk profile.
Finally, It’s important to note that certain exposures are not typically covered under a commercial property insurance policy and need to be addressed separately, such as flood insurance, which in areas of Florida makes perfect sense to purchase as well.
Flood insurance is an essential part of a full protection program for your home, but many first-time home buyers are surprised to discover it is a separate policy from homeowners insurance. As in other states that are susceptible to flooding dangers, New Jersey flood insurance brokers and agents can issue policies under the National Flood Protection Program, or NFIP. New Jersey is also now one of several states to be able to offer private coverage to certain residents as well.
National flood insurance is divided into two parts. NFIP allows for up to $250,000 for loss of structure. Business structures can be covered for up to $500,000. Residents can get coverage up to $100,000 for loss of personal property. The same amount is available for renters to cover loss of contents. The federal program benefits do not cover expenses that arise from having ones life interrupted, such as alternative housing arrangements or meals.
Additional Private Coverage
Some homeowners require more from their New Jersey flood insurance. Private insurance with extended coverage may be available for more expensive properties. High-value properties benefit from a comprehensive disaster plan that allows for adequate replacement coverage of structure and contents in the event of a catastrophic flood. An informed agent has the information to help assess your homes flood risk and choose the right amount of coverage.