11 ways to avoid hurricane costs

Highlights

• Three to six hurricanes are predicted this Atlantic hurricane season.
• Insurance carriers often offer discounts for securing your home.
• Fifty-cent hurricane straps hugely reduce the threat of roof failure.

It's hard to protect a home from a monster Category 5 hurricane, but many readily available products can reduce or minimize the impact and save homeowners big bucks in repairs and insurance premiums.

The peace of mind that can result is priceless.

The National Oceanic and Atmospheric Administration, or NOAA, predicts the 2009 Atlantic hurricane season, although a bit less active than normal, will spawn three to six hurricanes -- one to two of them major. And while the season got off to a slow start with no named storms by early August, it's important to remember Hurricane Andrew roared offshore just south of Miami on Aug. 24, 1992.

"Forecasts of an average season should not lead to complacency," says Claire Wilkinson, vice president for global issues at the Insurance Information Institute. "An average hurricane season was also forecast in 1992 when Hurricane Andrew caused more than $23 billion in property losses.

"While many products don't cost much money, they can have a major impact on the ability to withstand a hurricane and in many cases, offer opportunities for discounts from your insurance carrier. Homeowners may get discounts for things such as hurricane shutters, various types of roof coverings and the way the roof is attached to the structure."

Retrofitting your home against hurricane damage can be an expensive project, says Wilkinson, but you can do it in stages. "Insurance companies may offer discounts for retrofitting which can help offset the cost."

"There are a lot of things you can do (to your home) that are meaningful, affordable and make a difference," says Leslie Chapman-Henderson, president of the Federal Alliance of Safe Homes. "Homeowners should select products that are tested and approved." As the market for hurricane protection products has exploded, she adds, so has a wealth of products that claim to protect but which don't really perform.

"As far as insurance goes, what we are seeing across the country are a number of programs that help place homeowners with matching grants to do retrofitting and to access different products," says Chapman-Henderson. "There are programs in Florida and South Carolina and Alabama and Mississippi. Those programs are linked either by requirement or through the marketplace to ensure savings. The savings in Florida and South Carolina are quite significant. I believe their average savings to the homeowner who is engaged in retrofitting is 23 percent on their annual wind premiums."

Discounts vary by state and carrier. The Mississippi Windstorm Underwriting Association, for example, offers a 25 percent credit for windstorm insurance for houses built to a "fortified" standard. In Florida, the My Safe Florida Home program has offered in recent years a free home inspection to point out a home's vulnerabilities. According to the Florida Department of Financial Services, such programs have saved participants an average of $385, or 20 percent of their annual premiums. The program has run out of funding for 2009 but is expected to resume in 2010.

Here's a look at some of the common products that can save you money.

Plywood

Cost: Material costs vary by location and season but a 4-foot by 8-foot sheet of 5/8-inch plywood typically runs $15 to $20 in most home improvement stores. Depending on home size and number of windows, total material costs could be around $200 to $500.
Effect on insurance: none.
Pros: very effective in protecting from flying debris and easy for "do-it-yourselfers." Materials are easily obtained at any home improvement store. Plywood is relatively inexpensive and, if stored properly, can be used from season to season.
Cons: Working with plywood can be time consuming and may require a helping hand for those with two-story homes. Installing may require drilling holes in siding and bricks. Once windows are boarded, the home becomes very dark.

Fabric panels

Cost: approximately $12 to $15 per square foot.
Effect on insurance: none.
Pros: can be rolled up and stored in a small area and can be easily deployed and removed. Most are translucent and allow for visibility through windows.
Cons: Professional installation is normally required. Permanent grommets must be installed in brick or siding.