In Hudson NY, individuals who are looking for homeowners insurance will want to find out exactly what each policy covers. Home insurance is a tool that homeowners use to protect their investment. By paying monthly premiums, they get specific types of protection that allow them to make the necessary repairs if their home is damaged due to a natural disaster or other catastrophic events.
Natural Disasters: What Is Covered?
Most homeowners insurance policies cover fire/lightning, windstorms/tornadoes, hail, and the weight of snow and ice. Volcanic eruptions are also covered. Tornadoes and thunderstorms that produce strong winds can do terrible damage to your home. In many cases, lightning also plays a role in these storms. All of these natural disasters are normally covered in your homeowners’ policy.
Ice, snow, and hail can also cause extensive damage. The extreme weight of ice and snow as it builds up on a roof can eventually cause it to collapse. Hail can chip away at shingles and leave small dents or divets in your siding.
What Is Not Covered By Your Homeowners Insurance?
There are several natural disasters that require a specific policy that must be purchased in addition to your homeowners’ policy. Hurricane, flood, and earthquake insurance are good examples. These natural disasters primarily occur in specific areas and are unique to geographic regions, so not everyone will need to purchase protection against them. On the oter hand, strong winds, lightning, and hail can occur almost anywhere.
Hurricanes and earthquakes are more common along the east and west coasts. Although mild earthquakes have been felt in the Midwest and other interior regions of the country, the damage these small tremors cause is usually minor. When it comes to floods, the majority of flooding occurs in areas known as “floodplains.” These areas are low-lying and collect the water that runs off of higher plots of land. Your local Department of Natural Resources or FEMA agency can tell you where the primary floodplains are located in your area. Your insurance agent will also be able to advise you about whether or not you will need to purchase flood insurance.
Natural Disasters and Your Vehicles
Your homeowners’ insurance is designed to cover your home and personal possessions. Your auto insurance is designed to cover your vehicles. If your vehicle is damaged in a natural disaster, it more than likely will not fall under your homeowners’ policy. The only type of auto insurance that will cover damage caused by a natural disaster is comprehensive. It will cover various types of water damage as well as damage caused by falling/flying debris. Depending on what type of insurance you have, you may have to purchase a separate policy to cover hail damage.
Your insurance company pays for your damages in two different ways, depending on what type of homeowners policy you have. You have the option to either repair or replace your property. If you receive the cash value for your items, you will be compensated for what they are valued at when the damage occurs. A five-year-old refrigerator may be valued at $150 instead of the $300 you originally paid for it.
If you have insured your items for replacement cost, you will receive enough money to replace the item. Cash value and replacement value are not always the same. This is especially true if you are dealing with antiques or other types of valuables like jewelry or artwork.
It’s important to know what your homeowners’ insurance covers so that you can fill in any gaps with the appropriate types of policies. When you’re looking for homeowners insurance, contact your insurance professionals at Kneller Agency. Our dedicated experts are ready to assist you with all your home insurance needs.
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