Insurance, Home Insurance and Disasters
Insurance, Home Insurance and Disasters : "A homeowner's damage can include roofs, doors, garages, windows, patio decks, swimming pools, outdoor furniture, small boats, automobiles and personal property that may be destroyed due to floods, but what coverage is determined by the type of policy you have. Insurance industry experts note that it's important to obtain both hurricane and flood insurance when it comes to protecting your home. "Homeowners, renters and business insurance policies have coverage for wind," says Jeanne Salvatore, a spokesperson for III. "Insurance covers a list of disasters, but the biggest is floods and earthquakes, in which case you need a separate policy. If a tree hits your house or a fallen object hits due to a storm, that type of coverage typically comes with your standard homeowner's insurance. If you live down in the Gulf, you should get flood insurance. Since 90 percent of all natural disasters result in some form of flooding, everybody should ask their agent about it." A homeowner's policy does not protect you for the range of threats that accompany a hurricane or tropical storm. While some homeowner's policies cover wind damage, they will only cover water damage that is the direct result of a burst pipe or rain entering through a damaged area. Home insurance also generally covers fire or vandalism, debris removal and repairs, and cash or replacement value of damaged property as well as additional living expenses when you can't live at home. Flood insurance primarily covers repair and restoration costs to homes and businesses, protecting against losses to buildings and their contents. What it does not cover is the land surrounding them". (Insure.com, "Hurricane Gustav Losses at Least $4 Billion," Sep 2, 2008)
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