Florida Insurance Commissioner Kevin McCarty has issued an advisory to remind Florida consumers and authorized insurers that the hurricane deductible of their homeowner’s policy does not apply at this time, because the National Hurricane Center has not upgraded Tropical Storm Fay to a hurricane.Insurance companies must apply the deductible that is unrelated to hurricane, generally referred to as the “all other perils deductible” or “other than hurricane deductible.”
The hurricane deductible only applies when property damage results from a named hurricane. Consumers should review their policies and contact their agent if they have any questions.
McCarty has sent an informational memorandum on this issue to all authorized property and casualty companies.
The Office of Insurance Regulation (Office) has created a special link to information about hurricane deductibles on its Web site, www.floir.com, in the center section of the home page.
- Hurricane Deductibles and Wind vs. Hurricane Damage View the hurricane deductibles companies are required to offer, and learn the difference between hurricane damage and non-hurricane wind damage
It also is important to point out that damage caused by flooding typically is not covered by the standard homeowner’s policy. Flood insurance is purchased through the National Flood Insurance Program (NFIP).
Although it is too late to purchase this coverage now for damage from Tropical Storm Fay, consumers can purchase this coverage for future storms with the help of their agent or by contacting the NFIP directly. In most cases, there is a 30-day waiting period before flood insurance takes effect.
The Office also has created a special section on its Web site with important information about flood insurance and links to the Federal Emergency Management Agency (FEMA) and the NFIP.
- Homeowners’ Policies Do Not Cover Flood Damage Find out about the National Flood Insurance Program and how to get covered for flood damage
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