Many Canadians are flocking to Florida as cold weather approaches, but with Hurricane Milton heading toward the state as a Category 4 storm — the second in as many weeks — it may have some north of the border worried about property they own to the south.
The latest National Association of Realtors survey found that Canadians top the list of foreign buyers in Florida, making up 13 per cent, and that more than half a million Canadians own properties in the state.
But when a hurricane hits, they may find it more difficult to get help after the fact.
This is because according to the US Federal Emergency Management Agency, only US citizens, non-citizens such as citizens of American Samoa, or eligible non-citizens – those with a green card, or those who have been granted asylum or refugees are among those who fall into this category. — They can receive disaster assistance.
Given the limitations on disaster assistance, here’s what property owners like snowbirds can do to better protect their properties and what they should do after the storm is over.
How to prepare for a hurricane
According to the Canadian Snowbird Association’s online guide, pruning or removing damaged trees and branches, securing rain gutters, removing any clogged areas or debris, and adjusting the roof, windows and doors can help limit potential damage.
The association’s online guide also advises people to keep important financial and legal information available at all times, take inventory of their personal assets, review their insurance, and retain all receipts for temporary living expenses if needed for future claims.
When you buy a home in the state, mortgage lenders often require storm insurance in addition to regular insurance, said Sonia Bolduc, vice president of business development at NatBank, a Canadian National Bank subsidiary in Florida.
But there are additional insurance options, too, because the damage property owners face may not be due to wind or rain alone.
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“There’s additional insurance they can get if they’re in a flood zone, and they can get flood insurance as well,” she said. “So, if you get the whole package, your estate will be well protected, at least, against any financial burden.”
Storm coverage is often provided by Citizens Property Insurance Corporation (CPIC), a state-run insurance company, as part of comprehensive home insurance, although there are some private companies that provide coverage as well.
Purchasing flood insurance is also a wise choice because it’s not part of your existing home insurance, Mark Friedlander, communications director at the U.S. Insurance Information Institute, told Global News.
It is usually awarded through the Federal National Insurance Program. These policies are capped at $250,000 for damage to the home and $100,000 for the homeowner’s property — private insurers may be able to provide a little more — but it’s important to get insurance.
“To be fully financially protected from disasters like hurricanes and other severe storms, you need property and flood insurance,” he said.
Friedlander points out that only 20 percent of Florida homeowners have flood insurance.
Some don’t realize it’s not part of their home insurance, while others decide to take the risk, he said.
However, if you get your insurance through CPIC, you may be required to purchase separate flood insurance — all policyholders will be required to do so starting in 2027, Friedlander said.
For those concerned that they may face insurance restrictions, if you own property in Florida, you can purchase property and flood insurance, he added.
Once the storm passes, Friedlander encourages filing a claim as soon as possible, although if you may be in Canada during the storm, you will have up to a year under Florida law to file a claim. However, the sooner you do this, the faster you will be able to make repairs to your property.
Since Canadians can only stay in the United States for six months in a 12-month period, that could pose a difficulty, which is why Bolduc said she would look into potential third-party services that might be able to visit your home to check.
Friedlander added that checking on neighbors and taking photos is another alternative.
“If you can get this service, it’s a big peace of mind for you,” Bolduc said.
The CSA advises taking photos of property damage to help file a claim and contacting your insurance provider before signing contracts with anyone doing the repairs and making sure they are licensed to do business in the state and insure themselves.
Friedlander warns that if you’re hoping to replace insurance or repair property or equipment, make sure you buy it before the storm and do it early.
Florida has a moratorium that prohibits the purchase of insurance or additions to it — at least from the state, and private insurers may vary — for 30 days after a storm warning or watch is issued.
He also said you can apply for insurance once the storm passes for future coverage, but don’t try to claim compensation for damage that occurred.
“It is an act of fraud if you try to file a claim for something that is not covered before your policy is in effect,” Friedlander said.
&Copy 2024 Global News, a division of Corus Entertainment Inc.
