With the recent devastation from Hurricane Irma in Florida and the Caribbean and Hurricane Harvey in Texas, Canadians who own real estate in Florida, Texas, Mexico the Caribbean and other “high risk” areas need to be vigilant in ensuring that they are protected from future natural disasters.

While flooding and hurricanes are nothing new to these regions, it is surprising how few people actually have the proper insurance coverage they need. According to this CTV news article, less than 50% of properties in high risk flood areas in Florida have flood insurance coverage. This is often because the cost of flood insurance can be extremely expensive, and may not even be available in flood plains.

If you’re a Canadian who owns real estate in a snowbird destination at risk of flooding and hurricanes, here’s an overview of our top 5 things you need to know:

1. Flood and hurricane insurance are NOT included with your standard home insurance policy, so you’ll need to buy them separately.
2. Flood coverage and Hurricane coverage are two separate types of insurance, so you’ll need them both, as flood insurance won’t cover hurricane damage and hurricane insurance won’t cover flood damage.
3. You may be able to bundle all of these types of insurance in a single policy, so ask your insurance broker.
4. Traditional insurers often won’t offer hurricane or flood insurance due to the risk, so you may have to really look around to find an insurer who will cover you. In some areas, the only flood and hurricane insurance you can get is from government organizations, as they’re the only ones who can take on the risk.
5. The cost of your flood and hurricane insurance will vary depending on the type of property you have and its location.

For more information, check out this helpful article.