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Natural Disaster Insurance

Every year it seems natural disasters leave America’s city and states in shambles. It is becoming more and more difficult to recover for many families. Although natural disasters happen infrequently, they are unpredictable. Having natural disaster insurance with your home protection coverage is definitely beneficial. Despite the modern technology, there are still some things we cannot predict or control. Natural disasters insurance mostly covers earthquakes, flood, and tornadoes.

If you check your home insurance policy, you may be surprised by the variety of disasters it covers. Many insurance policies do cover natural disasters but it is important to make sure that you are covered for disasters specific to your state. In states like California, extra insurance coverage for natural disasters is required. In some states, it is called catastrophe insurance.

As natural disasters in many areas are annually, many Americans do not have enough coverage. For the sake of cheaper premiums, the property may be undervalued. This can beneficial to policyholders until a claim needs to be filed. Make sure that your home is correctly valued as most will not receive a check for the full amount of their home damage.

Natural disaster insurance can considerably help replace the valuables you lost to calamities. These occurrences, which are classified low-probability and high-cost events, are generally precluded in the typical hazard insurance contracts. It should be noted, however, that this additional coverage is different from the other types of protection policies. For one, it is difficult to assess the potential cost of the insured loss in a natural disaster.

Given these situations, most catastrophe insurance companies find it tough to efficiently handle the risk. Therefore, they may charge higher for this type of insurance. For this reason, it would be wise to first shop around and ask for quotes from different insurers especially home protection coverage. If your home is within a hurricane-prone zone, make sure to know what is included under your policy.

Each insurance company sets its own standard premiums and pricing scheme for natural disaster coverage. Also, the states in disaster-prone areas may have different laws and regulations compared with those which seldom have it. Aside from the policy limits, be sure to also consider these basic points when you compare home protection policies:

  • What items are covered and the corresponding premiums
  • What items are excluded from the coverage
  • What price is your home valued at

It is recommended to check your policy every year you renew. Insurance companies change their terms and conditions in order to stay profitable and compliant with new laws. If you need to add natural disaster insurance to your current policy, request a quote from Blue Sky Coverage.

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