Everyone wishes they had a crystal ball and could tell when disaster is going to strike. Wouldn’t you love being able to tell when something unpleasant is about to happen? You could protect your family and belongings; you could also adapt your schedule to make time for dealing with the aftermath of the disaster.
Unfortunately, no one has the ability to plan and schedule the natural disasters that seem to strike when we’re at our absolute weakest. That inability to predict calamities is exactly why you need to have financial stopgaps in place to help you recover from these types of events. The various types of insurance available to individuals and families are the perfect place to begin building your emergency recovery plan.
Flood Insurance – For families who live in a designated flood plain, flood insurance is as much a part of life as auto insurance and taxes. If you’re a homeowner who is still paying off a mortgage, you’re probably going to be required to have it as a part of your homeowner’s insurance. Even if you’re renting, however, you will want to add this important coverage to your renter’s insurance to protect your personal property.
Homeowners who don’t live in a flood plain should also think carefully before deciding whether or not they need this coverage. Flood damage is often specifically excluded from the standard homeowner’s policy. You’ll need to weigh the likelihood of your having to deal with flood damage to decide if you need this type of insurance.
Hurricane Insurance – Much of the damage that comes from hurricanes is already covered by your standard homeowner’s policy. The damage that is done to the exterior of your home by the force of the hurricane’s wind is typically a covered by your standard homeowner’s policy. Pay careful attention, however, to your policies disclosed exclusions. If your policy specifically doesn’t cover hurricanes and you live in a hurricane-prone area, you’ll want to purchase coverage for this type of event.
You should also note that a great deal of the interior damage that is associated with hurricanes isn’t actually considered hurricane damage. Water damage resulting from the flooding that often follows a hurricane is classified as flood damage. Bear this fact in mind when you’re evaluating your need for flood insurance.
Wind Damage Insurance – Wind damage insurance is often a part of your standard insurance coverage. However, you will still want to read the fine print of your policy to make sure your home is protected. Some areas of the country that are particularly prone to strong wind-based storms will require the purchase of additional coverage to provide benefits for damage to your home or property from these types of storms.
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