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What Perils Are Covered By A Homeowners Insurance Policy?

 

A peril is an event that may damage your home or belongings. Perils are covered by your homeowners insurance and they are listed in your policy.

Listed below are what the  Insurance Information Institute say are the most common perils covered by a homeowners insurance policy:

Check your homeowners insurance policy to learn what perils it covers.

The perils and descriptions below come from an allstate article here.

FIRE AND SMOKE

A home, belongings and structures like a garage or shed are all usually covered for fire damage (including smoke damage). If the condition of the home requires its residents to live elsewhere for a time, a policy will typically help reimburse for those expenses as well.

LIGHTNING STRIKES

Damage from lightning is typically covered by homeowners insurance. Some policies will also extend that protection to power surges that happen as a result of a strike, covering, for instance, damaged electronics.

WINDSTORMS AND HAIL

Wind damage — even when it's from a tornado — is normally a covered peril. Protection usually also includes hail damage, or wind-driven rain or snow that gets inside after a home has been damaged by a storm. Read your policy, though, to learn of any exclusions.

EXPLOSION

Whether it's from an aerosol can or a propane grill, it's never good when something explodes in or around a home. Damage resulting from such explosions is usually covered by homeowners insurance.

VANDALISM AND MALICIOUS MISCHIEF

Homeowners insurance typically covers damage that results from such acts. That would include repairing or rebuilding your home, or replacing your possessions if they were damaged by the event.

DAMAGE FROM AN AIRCRAFT, CAR OR VEHICLE

It may not be often that a plane or car crashes into a home, but when it happens, the images can be pretty dramatic. The good news is that most homeowners policies help pay to repair damage resulting from such an event.

THEFT

If an intruder breaks a window or door to gain access to your home, insurance will likely cover the damage. Items that are actually stolen are generally also protected by the personal property coverage that's part of most homeowners insurance policies. But you should know that most policies have limits on how much they'll pay out for specific types of personal property. You may be able to purchase additional coverage for those items.

FALLING OBJECTS

If your home is damaged by a falling object, whether it's a meteor or a healthy tree that topples in a storm, homeowners insurance may help pay for the damage.

WEIGHT OF ICE, SNOW OR SLEET

When the weight of heavy, wet snow or ice causes your roof to cave in, you'll find that your homeowners insurance will typically help cover the loss — for the damage to your home and your property inside.

WATER DAMAGE

Most homeowners policies will cover water damage from burst pipes or water heaters when the cause is sudden and accidental (but not the damage to the pipe or water heater if they burst because of defect or wear and tear). So, if your water heater bursts and soaks your drywall, you're likely protected from the water damage. Water damage from a flood requires a separate flood insurance policy. Water damage from water backup from sewers or drains or overflow of water from a sump pump typically requires additional optional coverage.

 

A homeowners insurance policy may help cover damage resulting from a number of incidents, but likely also comes with a list of scenarios that it won't cover. Also, remember that coverage limits and deductibles will apply. Get informed about the specifics of your coverage by reviewing your policy, or call your agent with questions.

 

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Flood Insurance At A Glance

Flood Insurance At A Glance

 

Flood insurance usually is a separate policy designed to help protect your home and belongings if they are damaged in a flood. Standard property insurance policies, such as homeowners insurance, typically do not cover flood damage.

Here are some things to consider about flood insurance:

 

 

 

 

IS FLOOD INSURANCE NECESSARY?

In some cases, you may be required to have flood insurance. If you own a home on land that is at high risk of flooding, your mortgage lender may require you to purchase flood insurance, says FloodSmart.gov.

Flood insurance isn't just for homes in high-risk areas, though. The Federal Emergency Management Agency(FEMA) says that all 50 states have experienced floods, and that more than 20 percent of the claims it handles come from the moderate- to low-risk regions.

WHO CAN BUY FLOOD INSURANCE?

Flood insurance is generally available to people in communities that participate in the National Flood Insurance Program (NFIP). Flood insurance policies can be purchased through local insurance agents by homeowners, business owners and renters who want protection for their homes, buildings and belongings. (Landlords can buy separate flood insurance policies to help protect the home.)

WHAT DOES FLOOD INSURANCE COVER?

So, what does a flood policy help protect? FEMA says you can purchase coverage to help protect your home, your personal belongings, or both. Here are some of the basics for these two types of coverage:

Building property coverage

  • What it helps protect: The physical structure of your home and its foundation; plumbing and electrical systems; central air and heating systems; attached bookcases, cabinets and paneling; and a detached garage (other detached structures need their own policy).

  • How it typically pays out: Replacement cost basis (what it would take to repair the home in today's dollars) for a primary residence and actual cash value (which factors in depreciation) for a vacation home.

  • Maximum coverage limit: $250,000

Personal contents coverage

  • What it helps protect: Clothing, furniture and electronics; curtains; some portable appliances; freezers and the foods within them; and certain valuables, like art (up to a specified limit).

  • How it typically pays out: Actual cash value basis (takes depreciation into account).

  • Maximum coverage limit: $100,000

  • We are your local agent! Call us with any questions and we will be happy to help!

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HOW DO I PURCHASE FLOOD INSURANCE?

A local insurance agent can help you purchase a flood insurance policy from the NFIP.

You'll typically need to wait 30 days for your policy to go into effect, though there are some exceptions. For instance, if you purchase a flood insurance policy at the same time you take out a mortgage, the insurance may go into effect immediately, according to FEMA.

WHAT'S NOT COVERED BY FLOOD INSURANCE?

Equally important is knowing what's not covered by flood insurance. Here are a few examples of the types of property and expenses that fall outside the scope of a basic flood insurance policy, according to the NFIP:

  • Moisture or mold/mildew damage that "could have been avoided by the homeowner"

  • Currency, precious metals and paper valuables, like stock certificates

  • Outdoor property such as decks, fences, patios, landscaping, wells and septic systems, and hot tubs and pools

  • Living expenses, like temporary housing (if flood damage deems your home uninhabitable).

  • Cars and other self-propelled vehicles (but your auto insurance may offer some protection for your car if you have comprehensive coverage).

In addition, flood insurance provides limited, if any, coverage for below-ground rooms like crawl spaces and basements, and their contents, the NFIP says. Some items in these spaces (like the furnace) are typically included under building coverage. Others (like the washer/dryer) are usually covered under personal contents coverage. And some items ─ like your personal effects ─ may not be covered at all when they're kept in below-ground rooms.

Talk to an agent to help make sure you're clear about the coverage details, exclusions and limitations of a flood insurance policy and to help you make the right choices for your situation.

Of course, you should also remember that a flood isn't the only potential source of water damage to a home. That's why, in addition to understanding the potential benefits of flood insurance, you should also review the coverages offered by your homeowners insurance policy.

Armed with the knowledge and insurance coverages that are right for you, you'll go a long way toward protecting your home against water damage.

Article From Here: https://www.allstate.com/tr/flood-insurance/flood-insurance-101.aspx

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Hurricane Season Predictions 2019

 

If you're planning a trip to Florida this August, September, or October, you should be especially cautious when visiting coastal cities. As an added precaution, you can download the Hurricane app from the American Red Cross to get up-to-date information on current tropical storm movement that may affect your trip.

What Hurricane Season Means for Vacation Plans

While it's unlikely that you will be visiting Florida during a hurricane, if you're planning a trip between August and November, you might consider reserving a room at a hotel that offers a hurricane guarantee or paying a little extra for travel insurance on your flights. This way, even if a weather-related emergency cancels your plans, you'll get a full refund or equivalent rescheduling.

You should also keep in mind that hurricanes don't have to make landfall to put a damper on your summer vacation as even tropical storms bring high winds and heavy rains to Florida coastline. Before you pack for your trip, you should check the latest weather forecasts to plan your clothing and accessories. You might want to pack an umbrella just in case because late summer and early fall is particularly rainy across the state.

Predictions for the 2019 Season

A number of meteorological organizations and weather stations often issue predictions on how they expect the next hurricane season to pan out based on data from previous years. However, these predictions are rarely accurate—especially in volatile years like 2016 and 2017.

National Oceanic and Atmospheric Administration (NOAA): NOAA predicts a “near-normal” 2019 Atlantic hurricane season with up to 15 named storms with winds of at least 39 mph. But, of these, NOAA predicts, four to eight could turn into hurricanes of 74 mph or greater and two to four of these storms could strengthen into major Category 3, 4, or 5 storms. So "normal," doesn't exactly mean quiet.

Tropical Storm Risk: The TSR (Tropical Storm Risk) anticipates "a season with slightly below-norm activity."

Accuweather: AccuWeather forecasters are predicting 2019 to result in a near to slightly above-normal season with 12 to 14 storms, with five to seven of those becoming hurricanes, and two to four of those storms having the potential to become major hurricanes.



Article from Trip Savvy: https://www.tripsavvy.com/how-often-do-hurricanes-hit-florida-3266726

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