Hurricane season takes place June 1 – November 30 every year. Don't wait until after you have a loss to check your insurance—review your homeowners or renters policies to make you have the right coverage in the event you're hit with a destructive storm.
Flooding associated with hurricanes is usually not covered in homeowner policies. Homeowners can buy additional flood insurance through a broker or agent or through NFIP. Flood insurance covers the home, electrical systems, appliances, and other building property, as well as personal contents.
You'll need to buy a separate flood insurance policy, which takes 30 days to take effect, according to FloodSmart.gov. If a hurricane strikes within that 30-day window, your policy won't pay for flood damage to your home or belongings.
An important fact to know is that a flood insurance policy does not take effect until 30 days after you purchase it. So, if the weather forecast announces a flood alert for your area and you run to purchase coverage, it's already too late. You will not be insured if you buy a policy a few days before a flood.
If a hurricane watch is issued 24 to 48 hours before the hurricane is expected to make landfall, buying extra insurance or new insurance for your home may be impossible.
Is Wind Damage Covered by Home Insurance? Yes, as noted above, homeowners insurance typically covers most types of wind damage. Usually, the dwelling coverage of your homeowners policy will help pay to repair or replace damage to the roof, siding or windows due to a wind event.
According to the NFIP, the following kinds of damage are not covered by flood insurance: ... Property and belongings outside of an insured building, such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs, and swimming pools.
If you don't have flood insurance, you can still find a safety net. The U.S. government provides grants through the Federal Emergency Management Agency (FEMA), and loans through the Small Business Administration (SBA) to help you get back on your feet.
Storm Surge — water that is pushed toward the shore due to the force of winds swirling around a storm advancing across a body of water. This advancing surge combines with the normal tides to generate the hurricane storm tide, which can lead to severe flooding in coastal areas.
The Federal Housing Administration has a program that's designed to help disaster survivors rebuild or buy replacement homes. Under the Section 203(h) program, the FHA insures mortgages for people whose homes were destroyed or damaged in disasters. Borrowers don't have to make a down payment.
The National Flood Insurance Program (NFIP) has a 30-day waiting period in effect to prevent homeowners from purchasing a policy at the last minute when a flood is imminent. The standard NFIP guidelines require a 30-day waiting period from the date of purchase to the time a flood policy goes into effect.
Waiting period for flood insurance
If you buy your policy through the National Flood Insurance Program, coverage will kick in 30 days from the purchase date. The waiting period might be shorter — around 10 to 14 days — if you buy private flood insurance.
The minimum amount of flood insurance required must be at least equal to the lesser of the outstanding principal balance of the loan, the maximum amount available under the NFIP for the type of structure, or the insurable value of the property. ... $500,000 for non-residential structures and $500,000 for contents.
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