Fires. Floods. Hurricanes. Tornadoes. Earthquakes. They do and will happens. Inclement weather can cause destruction to home and property….wrecking havoc on our wallets. Hazard insurance (or homeowners insurance) provides you a piece of mind knowing that your assets are covered.
Homeowner Insurance Coverages
If are a existing homeowner or planning on getting a house you are require to have home insurance. Hazard insurance policies protects your the structure of your home and belongings against theft or destruction:
Typical Homeowners Insurance policies provide the following:
Water damage from appliances (like a water heaters or refrigerator)
Fire, smoke, lightning
Burglary and vandalism
Hail and wind
Avalanche conditions (weight of heavy snow or ice)
Despite these insurance coverages, homeowner insurance doesn’t cover your home from earthquakes and flood damage. We observed insurance problems along the Hurricane Katrina in 2005. Buy flood insurance in addition to your home insurance policy if you live in a flood-prone area. Flood insurance can be purchased through some home insurance insurers. FEMA’s National Flood Insurance Program (NFIP) is also a viable program.
Insurance coverage for wildfires and earthquakes is also available in areas prone to these kinds of disasters (homeowners along the San Andreas fault line). Factor flood/quake insurance costs in your overall premium when getting a homeowner insurance quote.