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What kinds of natural disasters are covered in my policies?



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Homeowner’s insurance policies defend against damages as a result of unavoidable factors, which most insurance agencies refer to this as a peril. Earthquakes and floods are not always insured against in a standard homeowner’s policy, but can be added to your policy for an additional cost on your premium. There are some limitations on the amount the insurance agency may pay for damage, according the conditions of your policy.


In general, the different policies cover different things. For example, windstorms are covered in even the most basic of home insurance policies, but flooding or water damage may not be covered with just a basic policy. However, if you live in a coastal area where windstorms and hurricanes are more frequent, you would probably have to purchase an additional policy to cover that type of damage.
So you may ask yourself, do I have the coverage I really need?


Coverage for different perils will always depend on the type of policy you purchase, and your location. The needs of homeowners, condo and renters insurance are different, so each of their policies follows the needs of the owner. Homeowner’s policies mainly contain coverage for the home and the items inside. Renters and condominium owner’s policies cover only the owner’s items in the home. The landlord or condominium association will most likely have their very own unique policy that covers their building.


The most purchased kinds of home insurance policies differ in terms of their perils that are covered. There are two perils that no normal homeowner’s insurance policy will cover, floods and earthquakes.
Here is what some policies will insure against:


HO-1: Your home and its content in 11 different perils: lightning or fire, hail or windstorm, riot, explosion, aircraft or any other smoke, vehicles, vandalism, damage from glass, theft, and volcanic eruption.


HO-2: Your home and its content in 17 different types of perils: this includes the 11 covered by HO-1 policy, plus falling objects or weight of ice, sleet or snow, three classes of water caused damage, and electrical loss.


HO-3: Your home and its contents from 17 perils found in HO-2, in addition any other peril not listed in the policy, excluding flooding.


HO-4: Main coverage is found in HO-2.


HO-6: Main coverage is found in HO-2.


HO-8: The home and contents from 11 types of perils listed above, but this will only pay for repairs, not for replacement cost. This is usually for homes with a historical value that is impossible to replace.


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