Protect Your Home From The Growing Threat Of Natural Disasters

From blizzards in Texas and wildfires in California to hurricanes in Louisiana, over just the last few years, we’ve seen historic levels of damage caused by natural disasters. 

Yet despite this threat, most homeowners lack the insurance coverage needed to protect their property and possessions from such calamities. 

One factor contributing to this is the mistaken belief that homeowners insurance offers protection from natural disasters. However, damage caused by natural disasters is generally not covered by a standard homeowners policy, and you often need a separate policy that  covers natural disasters. To help you get the proper coverage, we’ve highlighted the types of insurance available and explained what these policies typically cover. 

Wildfires 

Although homeowners insurance typically doesn’t pay for damage caused by natural  disasters, most policies do cover fire damage, including from wildfires. The only fire damage a homeowners policy won’t cover are fires caused by arson or when fire destroys a home that’s been vacant for at least 30 days. 

But not all homeowners policies are created equal, so review yours to ensure it includes enough coverage to do three things: replace your home’s structure, replace your belongings, and cover your living expenses while your home is being repaired. 

Earthquakes 

Unlike fires, earthquakes are typically not covered. To protect your home against  earthquakes, you’ll need a freestanding earthquake policy. And Californians aren’t the only ones who need coverage. 

Most parts of the U.S. are at some risk for earthquakes. The U.S. Geological Survey found that from 1975 to 1995  earthquakes occured in every state except Florida, Iowa, North Dakota, and Wisconsin. To gauge the risk in your area, consult with the Federal Emergency  Management Agency’s (FEMA)  earthquake hazard map. 

Floods 

Although homeowners insurance covers flood damage caused by faulty infrastructure like leaky pipes, nearly all policies exclude damage caused by natural events. To protect your property, you’ll need stand-alone flood insurance.  

The threat from flooding is so widespread, Congress created the National Flood Insurance Program (NFIP) in 1968, which allows homeowners in flood-prone areas to purchase flood  insurance backed by the government. 

In some coastal regions where hurricanes are prevalent, you might even be required to have flood insurance. To determine the risk for your property, consult FEMA’s Flood Map service center. 

Hurricanes & Tornadoes 

Most homeowners policies do cover wind damage. However, such claims often depend on the type of storm that caused the damage. Wind damage from tornadoes and even some tropical storms is typically covered, while wind damage from hurricanes generally requires a  separate windstorm policy. 

Because damage from hurricanes is often measured in the billions, windstorm policies usually have high deductibles and are based on a percentage of your home’s value. Some policies also have a cap on coverage, so review the levels of coverage your policy offers.

Yet high winds aren’t the only threat posed by hurricanes. These tropical systems often cause severe flooding, but whether it’s caused by a hurricane or a tornado, flooding is generally not covered. For flood protection, you’ll need a separate flood policy through the NFIP. 

Get Your Home Covered  

To ensure you have the proper insurance coverage to protect your home and belongings from natural disasters, consult with your Personal Family Lawyer®. We’ll help evaluate the risks for your area, assess the value of your assets, and support you to determine the optimal levels of insurance you should have. 

This article is a service of CONNORS LAW, a Personal Family Lawyer firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. 

That's why we offer a Family Wealth Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.