Does Your Home Insurance Cover Extreme Weather? Well It Should
Make Sure Your Home Insurance Is Right for Where You Live
Every home sold needs to be insured, but not all homeowners insurance policies are the same. Depending on where you live, your home may be subject to extreme weather, which places your home at greater risk for damage. As a result, you need to ensure your home is covered for damage caused by extreme weather events, like flooding, tornadoes, wildfires, mudslides, heavy snow, hurricanes, hail storms, and more.
The problem is, a lot of homeowners don’t want to pay higher rates for extreme weather coverage. This is a decision they will only make once because if a home is damaged, the homeowner will wish they had the coverage included on their policy. With your home being your number one asset, you don’t want to risk it – so get the insurance that’s appropriate for your area. Here is how to ensure you choose a policy that covers your home for extreme weather-related damage.
Know Your Location
Before moving to a new area, it is important to have a complete picture of the area so you know what to expect when you get there. This includes the type of weather it has, and more importantly, what types of extreme weather it is prone to have.
Every part of the country is prone to some sort of extreme weather, and as a result, the basic policy usually includes coverage for storm damage caused by hail, tornado, and wind. But, floods and earthquakes usually require specialty coverage. For this reason, you need to know what you will be up against so you can ensure your policy specifically covers it.
Know the Age of Your Home
Over time, a home loses some of its structural integrity and this is an important factor in how much your insurance is actually going to cover. Remember, your home’s value is not always what you paid for it, so knowing exactly how old your home is will help you ensure that you pick the right coverage for your investment.
Know the Value of Your Assets
Just as important as knowing the true value of your home is knowing the value of everything you own inside of it. These assets should be catalogued with a relative value assigned to each item. This will give you an even more accurate idea of how much coverage you’re going to need in the event your home is totaled by an extreme weather event.
Where to Find the Weather Coverage on Your Policy
If you have an existing home insurance policy, you can check your documents to find out what you’re currently covered for. You can find this information on the declarations page of your insurance policy. On this page you will see a variety of different coverage types, such as:
- Coverage A – Damage to your home
- Coverage B – Damage to other structures (garage, deck, swimming pool, shed, etc.)
- Coverage C – Loss or damage to the contents of your home
- Coverage D – Loss of use in case your home is not inhabitable
- Coverage E – Personal liability to third parties
- Coverage F – Medical payments to third parties
Choose a Reputable Insurance Agent
Just as important as knowing the value of your home and assets is taking the time to find the right insurance agent for your needs. You want someone with a strong reputation for being upfront and honest with their clients. Ask around for referrals from friends, family, and coworkers. This will more than likely give you a few names to consider.
Once you find the right agent, they’ll work with you to ensure your home has all of the coverage it needs, and at a premium price you can afford.
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