Hawaiian property owners may be pleased to know that GeoVera Insurance has expanded into the state, bringing with it a residential windstorm-hurricane insurance product. These policies will insure residential real estate against wind during a hurricane. GeoVera will be partnering with local independent agents to offer the product.
The windstorm-hurricane coverage will apply to the actual dwelling, other structures, contents and loss of use (or fair rental value) and can be purchased for homes with values up to $1 million. Available deductibles will range from 2 to 5 percent, and homes that are fitted with wind-resistive devices may receive a credit.
Like flood insurance, this is a “single peril” product – it only applies to wind damage in hurricane situations.
GeoVera does most of its business in “catastrophe exposed” regions, and, as of last June, had an A- (excellent) rating from A.M. Best Co.