As a responsible homeowner or landlord, you worry about protecting the material elements of the house that are important to you. However, you can’t protect it from unpredictable situations that result in catastrophic circumstances. Disasters are more common than you think so protecting yourself against this type of situation is wise. When discussing storm damage, home owner’s insurance comes into play.
If you live in an area prone to storms or tornado winds, or if you own a home and your home insurance policy doesn’t provide you with restoration and rebuilding coverage, you should consider buying a policy that will provide you with coverage for storm damage and wind damage.
What is Storm Insurance?
Storm insurance is typically included coverage in most homeowners’ insurance policies. Storm insurance is included to complement standard home or property owner’s insurance coverage and can cover losses tied to severe weather incidents – such as hail, water, wind, etc.
There are certain types of storm damage that are covered under a standard homeowners insurance policy which typically include:
- Power surges (more below)
- Water damage (not flooding, more below)
- Hail damage
Lightning strikes can cause power surges or outages, which can lead to electrical fires as well as damaged appliances. If a homeowner’s insurance covers power surges and outages, they may be reimbursed up to their policy limits for damaged appliances or electronics.
You may have a home insurance policy that covers water damage, but if the leak was not from a burst pipe or faulty plumbing system, you need flood insurance. For example, if a pipe burst and caused a flood, your homeowners’ policy would cover the water damage. But if a flood happened, causing the water to spread from an external source, you would need flood insurance to cover that.
Does homeowners insurance cover wind damage?
Yes, homeowners insurance usually provides coverage for tornado or wind-related losses with a separate hurricane deductible. As one of the most costly natural disasters, hurricanes are covered by homeowners insurance, but only up to a certain amount. When it comes to wind damage, homeowners insurance will cover certain damages caused by wind, including roof damage or rain coming in through the walls.
However, it is worth mentioning that some home insurance policies exclude wind damage coverage, so it is crucial that you check with your agent to ensure you are covered.
It’s important to know what’s not included in standard homeowners insurance. This concerns natural disasters like flooding and earthquakes, which result in added costs. Your insurance agent can help you determine if your policy covers them or not.
Home Insurance Coverages for Storm Damage
We are going to discuss 4 types of coverage in your home insurance that can help protect you from costs related to storm damage. These 4 coverages are known as Coverage A, Coverage B, Personal Property Coverage, and Additional Living Expenses.
Homeowner’s insurance covers the building of your home, and “Coverage A” is enough to rebuild your home from scratch. Other structures such as detached garages and fences are covered under “Coverage B”.
Personal property coverage means your insurer will reimburse you for any damages to your personal possessions by paying out either the actual cash value, which is based on its current worth or replacement cost, providing brand-new equivalents are available. If you choose replacement cost reimbursement, your premium will be higher but it gives you the assurance of getting the money you need to replace them without worrying about depreciation. It’s also important to note that an additional car insurance policy is not included in a homeowner’s policy, so make sure to get one if you own a vehicle or else be prepared for potential auto damage expenses.
Additional living expenses are expenses incurred when your home is impassable due to storm-related damage. This includes hotel bills and money spent in the process of moving.
So, when you are comparing home insurance policies it is important to compare each of the above 4 types of coverage to ensure you are properly insured.
Storm Insurance in Indiana
Indiana is known for its steady, rainy weather. But every year, tornados, thunderstorms, and other severe weather storms wreak havoc on the Hoosier state.
Another hot summer will surely arrive, and another devastating storm will cause a lot of damage. Each year tornados rip through properties, flooding wreaks havoc, and severe storms cause hundreds of thousands of dollars in damage to homes in Indiana. These types of disasters can be scary, but what do you do if your home is damaged in a storm?
While we all love the idea of having the peace of mind that comes with knowing that our home is insured, it’s still a scary feeling to think that our home might be damaged in a storm. That’s why it’s important that you know that homeowners insurance cover storms damage. So, it is important to ask your insurance agent about your home insurance policy to learn the specific coverage and limits that are included as storm insurance and how to file a storm insurance claim.
If you want to compare home insurance rates then we are standing by ready to help you.