Spring is finally here. Though spring brings warmer weather, it also brings storms and rains. This leaves many homeowners wondering about storm coverage. Homeowners insurance does cover storm damage but you have to purchase the right policy coverages. Risks to your home are called “perils.” Most homeowners insurance policies cover certain-weather related perils. However, these depend on a number of factors. So if you are concerned about storm damage this spring, it is a good idea to review your homeowners insurance to make sure that your home is protected from these perils.
What Are The Standard Perils Covered By Homeowners Insurance?
Most homeowners purchase Homeowners 3 (HO-3) homeowners insurance. This is the standard policy that covers all the most basic needs from theft to fire to premises liability. However, HO-3 policies do not cover all weather-related damages. In general, HO-3 policies cover:
- Ice and hail damage
- Water damage in certain cases
- Lightning-caused power surges, fires, and other damage
- Fallen trees from storms
- Roof damage from heavy winds
The best way to know which coverages you have for weather-related incidents is to review your homeowners insurance and read the section that names the perils that you are protected from.
What Perils Am I Not Protected From?
Most HO-3 insurance policies have limitations on their weather protections. However, you can add additional protection with a named peril policy. Some examples of named perils include damage from:
- Earthquakes, sinkholes,landslides, and other geographical issues
- Flooding from storms and overflowing rivers
These two types of perils usually cause significant damage. So they are very expensive to repair and replace. Thus they have a high-risk cost for insurance companies. If you want these coverages, they are available. However, you will have to purchase them separately from your HO-3 homeowners policy. This is often known as “named peril” insurance.
How Do I Purchase Named Peril Insurance?
Like all forms of homeowners insurance, named peril insurance will be purchased from your insurance agent. The price of these coverages depends on the location of your home. For example, if you purchase flood insurance, it will be cheaper if you live miles away from any bodies of water. However, it will cost more if your home is located on a riverbank. This is because if you live next to a body of water, you have a higher risk of having your home flooded than if you do not. Thus, if you live in a high-risk area, it is a good idea to get a number of different quotes from different insurance providers to ensure that you find the best price for your additional coverages.
If you want to make sure that your home is protected this spring, speak with an agent at Panorama. We’ll review your current policy to make sure there are no gaps in coverage. If you decide to purchase named peril insurance, we can help. We work with several insurance companies and will get quotes and price comparisons to help you find the best coverage for the most affordable price. Give us a call and we can get started!