Good News For Homeowners?
Homeowners in Broward and Palm Beach have been pretty lucky over the last few years in terms of hurricanes. Hopefully our luck will continue.
So yesterday afternoon I came home from listing a property and opened my mail. There was a message from the Realtor Association, informing me about a new type of insurance available to Florida homeowners and renters alike.
It turns out this new insurance product will reimburse out-of-pocket expenses not covered by your homeowner insurance.
It can also be used to basically eliminate your existing deducible, by acting like gap insurance to cover the hurricane deductible of your current homeowner policy. The smallest amount of the insurance you can purchase is $1,000., and you are only allowed to purchase up to the amount of your existing hurricane deductible (and that number is capped at $60,000.). This new insurance has no deductible.
They claim the policy coverage can be used for many types of expenses often associated with a major storm. Things like gasoline purchases, generators, spoiled food, trees that come down, roof repairs, screens and much more. The company promises to wire money to policy holders’ bank accounts within 72 hours after the storm passes.
They do not use adjusters or inspectors, instead homeowners have 45 days to submit proof of loss.
They say the proof can be a receipt, a contractors’ estimate, or even handwritten affidavit. The payout is based on the strength of the hurricane, and how close the storm tracks to your property.
The company is called StormPeace. I went on their website and asked for a quote on a $5,000.00 policy (our windstorm / hurricane deductible is approx. $6,200.).
As you can see below, our cost was $33.39 a month or $485.67 annually.
If you want to read more, here is a link to an article I found on the SunSentinel.
