Natural Disaster Insurance
6 Types of Insurance For Natural Disasters
1. Home Insurance
The average homeowner’s insurance policy covers ordinary damage. From a busted pipe in your basement to an accidental house fire, hailstorm damage to your roof to lightning strike incidents, you should be covered by your home insurance. Keep in mind that each policy is different, and it’s important to know exactly what coverage you have with your insurance company (ideally before you have to file a claim).
2. Disaster Insurance
After you’ve checked with your insurance company and made yourself aware of the details of your homeowner’s policy, it’s time to shop around for disaster insurance. There are many unforeseen natural disasters that are not covered by typical home insurance that you need to be prepared for. Remember to call your insurance agent if you have any questions.
3. Flood Insurance
According to FEMA, floods are the most frequently occurring natural disaster in the country. Get a flood insurance policy to protect your home from damages caused by rising water, especially if you live on the coast or low-lying areas where flooding occurs more frequently. There is usually a waiting period of around a month before flood insurance coverage begins, so it’s best to sign up as soon as possible.
4. Earthquake Insurance
The last thing you want to do after an unexpected earthquake is pay to rebuild your home and restore your property. Earthquake insurance fills in the coverage gap left behind by your homeowner’s insurance policy even if you don’t live in an area prone to earthquakes. It’s smart and proactive to get an earthquake insurance quote, especially because of the unpredictable nature of this natural disaster.
5. Region-Specific Insurance
It’s important to be aware of which specific disasters could potentially affect the area you live in.
Depending on the region — and especially in high-risk areas — many states have subsidized insurance pools that provide appropriate coverage to residents. When you have questions, visit the FEMA Website for information on common natural disasters, history in certain areas, and urgent alerts.
6. Additional Coverage
There are supplemental policies and endorsements that you can purchase in addition to your regular coverage, which can be a good move if you have things like an above-ground pool, outdoor spa, or anything else home-adjacent that could be affected by a natural disaster. Some events can be covered by an extra clause in your general policy as well, but it’s best to talk to your insurance agent to see what additional coverage can be added to your existing plan.