Hurricane Insurance on Investment Properties?

[Jason L.]

I'm curious if other rental owners do or do not pay for hurricane coverage on their insurance policy? I have a house I just bought in Florida that I had quoted for insurance today. To add hurricane insurance would literally more than double my premium. How do other owners feel about this?

[Jennifer T.]

I'm sure you already know this, but I always like to remind.  Named Storm Coverage on a property insurance policy does NOT cover flooding, in the event of a storm.  Flood insurance, ie flooding from the street/land, is a totally separate policy.

For example, I'm here in New Orleans.  New Orleans had some damage from Hurricane Katrina, strictly speaking about just the "hurricane" part.  But the VAST majority of the damage?  That wasn't from hurricane-force winds.  That was from the flooding that happened afterwards.  A rude awakening for people who had adequate coverage for the value of their home on property insurance, but either didn't have or didn't have adequate coverage on their flood insurance.