If needed, get a quote on flood insurance. For the best protection, make sure both the building and contents are covered, even though mortgage lenders generally require insurance only on the building. Windstorm Your policy s windstorm coverage limits Type of construction, size of structure, proximity to water and location in the state all will determine the overall cost of windstorm insurance. In some parts of Florida, particularly coastal areas, coverage is provided through the Florida Windstorm Underwriters Association, a Jacksonville-based organization created by the Florida Legislature in 1970. The windstorm pool provides wind policies to more than 400,000 homeowners on Florida s coasts.
FWUA coverage is heavily concentrated in southeast and west central Florida.
The Florida Department of Insurance rejected the higher rates, but in spring 2000 an arbitration panel awarded the increase. Business Interruption Check to see if your policy includes business interruption coverage. When a business must close because of an insured property loss, a business interruption policy called business income insurance pays ongoing expenses such as rent, utilities and some or all payroll expenses. This type of coverage often makes the difference between the survival or failure of a business after a natural disaster or other event. Extra expense insurance, another type of business interruption coverage, reimburses for special expenses that help a business minimize losses by getting up and running.