Home Education Before the summer thunderstorms check homeowners ’weather policies

Before the summer thunderstorms check homeowners ’weather policies

Before the summer thunderstorms check homeowners ’weather policies

Win McNamee | Getty Images

When spring heat comes, homeowners may want to make sure they are prepared for the harsh weather that is likely to come soon.

This preparation should include checking your insurance coverage.

Whether you live in an area prone to hurricanes, tornadoes, floods, hail, forest fires or severe storms – all of which are becoming more common amid global warming – it’s important to know what types of weather damage cover insure your home or charge a separate (and probably higher) deductible.

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“Take the time to understand how this is politics [covers] severe weather and natural disasters, “said Steve Wilson, senior manager of the insurance company Hippopotamus.

The tornado season is already underway, and the hurricane season in the Atlantic begins on June 1 and lasts until November 30. Meanwhile, much of the western United States is experiencing drought conditions, contributing to forest fires.

Depending on where you live and the weather specific to that area, your policy may cover some of the events that most determine your location, and state law often dictates what is required of the policies proposed in their jurisdiction.

It should be noted that the insurance industry in Florida is in crisis, mainly due to rampant roof replacement schemes that lead to litigation and cost insurers $ 3.4 billion in insurance losses over the past two years, according to Mark Friedlander. spokeswoman for the Insurance Information Institute.

Homeowners in Florida in 2021 increased by an average of 25% compared to 4% in the rest of the United States, Friedlander said. The institute forecasts growth averaging 30% to 40% this year, with many households seeing an increase of 100% or more.

No matter where you live, here’s what you should consider about your weather-related coverage.

What to look for

While many weather-related events are covered by the standard part of your policy, some fall under another section that comes with a separate deductible.

If you live in a state along the East Coast or Gulf of Mexico, chances are your policy has a deductible for Hurricane. Similarly, in states more prone to wind-related events – such as tornadoes – you are more likely to get a windshield franchise.

Either way, these amounts typically range from 1% to 5% (minimum $ 500) depending on the specifics of your insurance. Some homeowners may choose an even higher deductible if it is available.

Take the time to understand how politics is [covers] severe weather and natural disasters.

Steve Wilson

Senior Underwriting Manager at Hippo

Keep in mind that for these interest-based deductibles, the amount is based on your insurance value, not the damage done.

So if your home is insured for $ 500,000 and you have a 5% deductible from the hurricane, you will be responsible for covering the first $ 25,000, regardless of the total cost of the damage.

Also, earthquakes do not apply to standard homeowner policies, even in earthquake-prone California (you will need to purchase separate insurance). As a rule, other types of land movement (eg, landslides, ditches).

Don’t ignore the risk of flooding

Flooding has become an increasing risk for homeowners as sea levels rise and storms increase. But only 15% of homeowners are insured for flood protection.

“One of the most important policies for hurricane protection that you may not notice is flood insurance,” Wilson said.

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