How does your condo insurance stack up against these potential natural disasters?
Some people skip insurance to save money, thinking it will save them pennies in the long run. But “going bare” isn’t always the best solution because homeowners could find themselves in dire straights—without a roof, windows, doors, etc. Property insurance, however, helps protect property owners from things like hurricanes, tornados, etc. A good rule of thumb is to learn what the law requires and to try to go beyond that, to make sure you’re totally covered.
Storm surge from a hurricane is considered flood damage and therefore not covered by your homeowner’s insurance policy. Some parts of Florida require you to purchase flood insurance, while others do not. Many Americans do not have flood insurance, but floods remain one of the top natural disasters in the U.S. Most of the time, it’s better to be safe than sorry.
Property damage coverage is different. It helps repair your home in the event of a windstorm, lighting strike, hail or fire. Floods and earthquakes are only covered if the coverage is added to your policy or purchased under a separate policy.
Wind and sometimes hail can cause catastrophic damage in a hurricane. Your roof could get blown off or a tree could fall on your home. There could possibly be an electrical fire—in the case of a potential downed power line.
Check in with your insurance company as soon as possible. Keep a record of all purchases that have gone towards repairs. And document the damage from the storm—inside and out.