Many people believe that damage caused by natural disasters is never covered. But that’s not entirely true. Most home insurance policies automatically cover damage caused by unpredictable weather events.
For example, if a hailstorm damages your lawn furniture and the siding on your house, this is generally covered. The same is true if a tornado tears off part of your roof. Even better news is that lighting is generally covered on all auto and home insurance policies, often with no deductible.
However, for some properties, you may need to purchase additional coverage. For instance, above ground pools or outdoor spas have to be named on the policy and covered by an additional clause. Similarly, some events, such as earthquakes, need to be covered by an extra clause in the policy as well. It is important to note that some insurance policies will cover sewer backup damage due to flooding, even if they will not cover flood damages in the event of a disaster.More: Why Renovating Your Income Property in a Tough Economy is Smart and What are the Current Rules for Rent Increases in Alberta?
Home insurers will generally not cover damage caused by flooding. Why not? Because this phenomenon is predictable. Flood-risk areas are well known and listed by municipal, provincial and federal governments. Landslides are another catastrophe that can’t be insured.
On the other hand, depending on the chosen protection, the flood may be covered by automobile insurance. The important thing is for you to have all the facts on the damage that will be covered by your home insurance in the event of a natural disaster. Asking your insurer about it takes only a few minutes and could save you a lot of trouble down the road.
If you rent your living space, rather than own it, then you should have renters insurance. It can be purchased for just a few dollars a month, and it will guarantee that your assets are covered in the event of theft or damage. Additionally, it will provide liability coverage if someone is accidentally injured in your home.
Renters insurance for natural disasters will also cover your expenses if you can no longer use your home, which means that the cost of accommodation will be taken care of, and you will not have to pay out of pocket. If you are unfortunate enough to experience a flood or a fire, your belongings could be destroyed, and the insurance will pay you to replace the lost items.
Your policy will ensure that you are reimbursed for any losses sustained during a wide range of unpredictable occurrences, including lightning, windstorms, hail, explosions, smoke, vandalism and plumbing leaks. Considering the comparatively low cost of renters insurance, not having coverage is a needless risk.
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