The East Coast hasn't been any good mood lately with hurricanes and earthquakes playing havoc with people's lives all over. Come to think of it, the heartland hasn't been having it all that great with their weather either. With nature visiting its destructive fury upon the country all over, it's certainly leaving the insurance industry in turmoil. Regular homeowner’s insurance policies don't really cover any damage resulting from hurricanes. All the wind and fury means that more and more people are going to be getting hurricane insurance and putting claims in on them though.
Let's get in a little deeper. If you don't have special hurricane insurance, want exactly can you expect your standard homeowner’s insurance to pay? When hurricane Irene blew through New York and Vermont, most of the damage left behind had to do with flooding. Insurance companies define flooding as tidal waves or just water that comes in from the ground for variety of reasons. Unfortunately, floods are just not covered by regular homeowners insurance. You'll need special flood insurance for that, which is basically underwritten by the federal government but resold by regular insurance corporations. It can cost you anything between $500-$5000 a year. Most of the time, if you live around the coast or near a major river, the bank that gave you your mortgage probably added flood damage insurance to the package. But even if you live in a place that isn't traditionally known for its susceptibility to floods, you still could be at risk. If you are a renter, it's much cheaper to get protection – less than $100 a year typically.
Let's get in a little deeper. If you don't have special hurricane insurance, want exactly can you expect your standard homeowner’s insurance to pay? When hurricane Irene blew through New York and Vermont, most of the damage left behind had to do with flooding. Insurance companies define flooding as tidal waves or just water that comes in from the ground for variety of reasons. Unfortunately, floods are just not covered by regular homeowners insurance. You'll need special flood insurance for that, which is basically underwritten by the federal government but resold by regular insurance corporations. It can cost you anything between $500-$5000 a year. Most of the time, if you live around the coast or near a major river, the bank that gave you your mortgage probably added flood damage insurance to the package. But even if you live in a place that isn't traditionally known for its susceptibility to floods, you still could be at risk. If you are a renter, it's much cheaper to get protection – less than $100 a year typically.