Summer storms often equal wild weather. As the rain pours down, it rushes and gushes through your neighborhood and possibly into your home. Along with rain, serious storm damage can result from hail, whipping winds and lightning.
Storms aren't just scary, they can cause major damage — both structurally and financially. In 2016 insured losses from floods and flash floods topped $4.3 billion, according to the Insurance Information Institute. Whether you're worried about the weather in general, stressing about storms, or fear a flood, Mother Nature doesn't have to clear out your bank account.
Instead of paying hefty contractor fees following a summer storm, take a look at the types of insurance that can help you to pay for weather-related damage. Keep in mind, the specific insurance (or types of insurance) that you need depends on your home and individual situation.
You don't need feet of water just to sustain water damage. Inches of water can destroy your home and whatever is in it, costing you money in repair and replacement costs.
Some homeowners believe that they don't need flood insurance if they don't live in a flood zone. While having this type of insurance is certainly important if you live in a low-lying area or a region near a creek, river or other close-by body of water, you might still need it even if you don't think water is an issue.
All it takes is one major downpour to soak your basement, utility room or first floor. Even though your home may do a top job at keeping the wet weather out, a sewer that backs up during a severe storm can send water pouring upwards from drains. Likewise, what seems like a minor crack in an exterior wall or a gap in a window well can result in flooding following a summer storm.
Flood insurance may not cover 100 percent of the damage, but without it you're likely to pay for the entire cost yourself. Don't assume that your homeowner's insurance will pay for flood damage. Depending on your policy, it most likely has a flood exclusion.
Floods aren't the only summer-time weather worry. If the wind tears at your home's siding or hail rains down and dents your roof or breaks a window, you may need help paying for the repairs. While homeowners insurance won't pay for the flood in your basement, it may pay for other storm-related damage.
Talk to your insurance agent about what the policy you're looking at covers, and what it doesn't. It's possible that it will pay for part of exterior repairs following serious summer weather. It may also (again, depending on your policy), pay for the repair or replacement of interior property that has sustained dramatic damage.
Condo Owner's Insurance
Not every homeowner lives in a freestanding, independent structure. If you own a condo, you need a policy that differs from traditional homeowners insurance. Condo insurance covers your unit, and not joint or shared property.
This doesn't mean you're responsible for storm damage to a common yard or rooftop deck that you also use. Chances are that you pay into a shared policy for these areas. When it comes to exterior storm damage (to joint or shared spaces), the policy you pay into will help to pay.
But if hail flies through your bedroom window or there's some other type of damage specific to your unit, the condo owner's policy can help you to make repairs or buy replacements.
Do you need insurance to protect your home and your property from summer-time storm damage and flooding? Contact Rowell Insurance Agency for more information.