Disaster Insurance Types

No matter where you live, you’ll always face the possibility of some form of natural disaster. At PaydayLoansCashAdvance, we know that finding the right type of disaster insurance is the best way to protect your home and family. Your first step should be to find out what types of natural disaster are likely to happen in your environment, and the odds of them occurring to your home. After you’re armed with enough knowledge, you can consider the different types of disaster insurance, and how much coverage you will need.

Hurricane

Homeowners living along the gulf coast and up the eastern seaboard are all in danger of being hit by a hurricane each summer. The cost of hurricane insurance has gone up significantly in recent years, due to the increased number of claims policy holders have made. These increased claims are the best evidence of the increased need for insurance in exposed areas. Check with your insurance agent for the details about what his company’s hurricane coverage policy includes. Some companies only cover wind damage, and flood damage is often a separate coverage item. Many companies offer a discount for multiple policies, however, so you may be able to save money by purchasing hurricane and flood coverage at the same time.

Flood

Every home is subject to flooding, whether from natural disasters or city-wide plumbing failures. Some parts of the country are naturally more prone to flooding than others. In fact, if you live in an area more prone to flooding, your insurance carrier may require you to purchase additional flood insurance coverage. Your cost of coverage can vary widely, not just from neighborhood to neighborhood, but even from house to house. One home sitting at the top of a hill may have much lower premiums than an identical house at the bottom of the same hill. If you are considering purchasing a home in a flood-prone area, the cost of flood insurance should be a significant factor in choosing between different homes in the same neighborhood.

Tornado

While the Midwest is known to be the area of the country most likely to attract tornadoes, they can occur in any state or geographical area. The important thing to consider about tornado insurance is the likelihood of your entire house being destroyed. Unlike floods or even hurricanes, tornadoes are more likely to remove your entire house if they hit in your neighborhood. Your insurance policy should reflect this possibility. Make sure you have enough coverage to completely replace your home and all of its contents. You may need to purchase additional coverage to raise the replacement rate up to acceptable numbers.

Earthquake

Earthquake insurance is common on the west coast, most especially in California and parts of Washington. The likelihood of your needing earthquake insurance depends on a number of factors, including whether your house is built close to a fault line, the base underneath your house being bedrock or fill, the historical number of earthquakes appearing in your immediate area and a number of other issues. The likelihood of an earthquake affecting and damaging your home is a question for your insurance agent. Research the issue before purchasing an expensive policy to determine whether this type of insurance is even necessary in your neighborhood. For renters in earthquake-prone parts of the west coast, cheaper policies exist that only cover loss or damage to your belongings and not the property in which they were stored.

Preparing your home for possible disasters, such as adding hurricane-proof shutters or installing a sump pump, may lower your possible insurance rates for disaster insurance. Not every homeowner lives in an area prone to disasters to an extent that makes it prudent to buy extra insurance coverage. Weigh the cost of monthly premiums over the next ten years and compare them to the odds of a natural disaster of some type actually occurring in your neighborhood. Look at the types of disaster insurance available and choose only those that will offer a bigger payoff in case of disaster than you could produce yourself by saving the same money. Disaster insurance can be costly, but not having it at the wrong time can cost you even more.

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