Storm Damage Insurance

1/22/2018 (Permalink)

If your home has been damaged, continued exposure to the elements may greatly increase the amount of damage to you home. Many insurance policies give you a time to file a claim, so don't wait until you have water dripping through the ceiling, mold in the attic, or your roof caves in to call your insurance company. It might be too late to file a valid storm damage claim.

It is always recommended to purchase a good homeowners insurance policy, even if you don't owe any money on your home. If you have a mortgage, home equity loan, or use your home as collateral, your lender will require you to maintain insurance. There are many different types of insurance policies so depending on which one you opt for the levels of coverage, exclusions and limits of liability will vary greatly. Some policies only provide you with basic coverage, while others will offer you more coverage and higher levels of protection.

Most homeowner’s insurance policies cover storms including hail, tornado and wind damage. Earthquakes, floods and other named exclusions and usually require separate coverage. Normal wear and tear and poor maintenance is not covered by insurance. Most policies cover the cost of tree removal after a storm, however, you should check your policy. Some insurance companies require a separate tree removal policy. Damage to your car is not covered by your homeowner’s policy, even if a tree on your property falls and damages your car. Damage to your car is covered by your comprehensive auto insurance policy. 

The replacement cost is the actual cost to rebuild your home in the event it is completely destroyed, which may be more or less than the market value, or sale price. Homeowners insurance covers the repair or replacement of your home and its contents up to defined limits. Your policy may also include a liability policy, which protects you in the event someone is injured on your property. Your insurance company will pay for loss of use, in the case that your home is uninhabitable after it has been damaged by a storm, up to applicable limits. This means that while your house is under repairs, the insurance company will cover the cost for you to live in a hotel or any other temporary accommodation.

When filing an insurance claim, remember most state laws prohibit insurance companies from cancelling policies for filing claims in an “Act of God” storm damage situation. In most states insurance company cannot single you out for a rate increase. If the insurance company is going to raise rates, they have to raise everyone's rates in your area. So, if you don’t file a claim, your personal rate increase will pay for everyone else's claim except for yours.

SERVPRO of Alhambra works with your insurance to ensure a stress free claims process. SERVPRO is on the listed of trusted vendors for many national insurance companies. The SERVPRO team can help you manage the insurance paperwork and process at no extra cost. Call us at 626-283-5875 for more information.