What Are Wind-Only Policies in Fort Lauderdale?

With property insurance prices higher than ever, many Florida homeowners are trying their best to reduce costs. While self-insurance is always an option, wind-only insurance policies are also gaining popularity. How exactly do these policies work? Are they really cost-effective? What happens if you have to file a property insurance claim in Fort Lauderdale after a major storm? These are questions you might want to ask a property insurance lawyer.

How Does a Wind-Only Policy Work in Florida? 

In Florida, you have the option to purchase wind-only insurance as a standalone policy. This means that you will not have coverage for any other kind of damage, including flood, fire, theft, and so on. Although it might seem distressing to leave yourself unprotected from such threats, many homeowners can no longer afford to pay home insurance.

By purchasing wind-only insurance, homeowners can at least protect themselves from the most severe storms – while self-insuring for all other types of damage. This can potentially strike a balance between complete self-insurance and a comprehensive policy that covers every imaginable type of damage.

Alternatively, homeowners in Fort Lauderdale can purchase wind-only insurance as an “endorsement” to an existing policy. Homeowners may be forced to do this because their normal policy does not cover wind damage. Either way, wind-only policies can be worth it in the right circumstances.

Wind-Only Coverage Is More Expensive in Certain Areas 

Homeowners should know that wind-only coverage is more expensive in certain areas of Florida. These include areas where there is a known risk of major windstorms. Fort Lauderdale is an area that has seen many major windstorms over the past few decades, and so wind-only insurance may be more expensive here compared to other areas.

Wind-Only Coverage May Be Denied in Certain Situations 

Homeowners should also know that wind-only coverage may be denied in certain situations. For example, insurers have refused to provide wind insurance for homeowners who have major issues with their roofs. Some insurance may also deny coverage to homeowners in certain areas of Florida.

If you have already obtained wind-only insurance and your insurer has denied your claim, consider speaking with an experienced property insurance lawyer. These legal professionals may be able to help you push back against your denied claim.

If you went through the trouble of obtaining wind-only insurance, you should be covered for all wind-related damage – no questions asked.

 Contact Our Fort Lauderdale Property Insurance Lawyers Today

At Geyer Fuxa Tyler, our legal team is made up of a diverse combination of attorneys who are well-positioned to protect the legal rights and financial interests of policyholders. If your property insurance claim was denied, we can help. For a free consultation, please call us today at (954) 990-5251. With an office in Sunrise, we represent policyholders in Broward County and throughout the state of Florida.

Sources: 

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0627/Sections/0627.351.html

flsenate.gov/Session/Bill/2024/893/Analyses/h0893a.IBS.PDF