 Insureds along the southeast corridor got a rude awakening in September as a result of the historic damage caused by Hurricane Helene. Many affected were far inland and geographically not used to the catastrophic levels of wind and water this storm produced. Thousands are still in process of understanding what their insurance policies cover, filing claims, and getting estimates for repairs. The damage from this hurricane included:
Most homeowners have a standard homeowners policy. What does that cover? It can vary significantly, but in general:  Weather forecasts for the Central Savannah River Area (CSRA) have projected significant rain amounts due to tropical storm Debby. For those in Savannah and Charleston, which can flood even with regular rainfall amounts, warnings have been issued for possible historic flooding events.
Generally, most of the CSRA isn't considered a typically flood-prone area. But as we recently saw in our local area, sudden heavy rain storms created flash floods in areas that weren't at all known for flooding. Unusual events like this have homeowners questioning whether their homeowners insurance covers flooding from heavy rains. What do you think - does a typical homeowners insurance policy cover water damage from storm flooding? If you said "no," you're right. Homeowners must have a specific flood insurance policy to cover water damage from flooding, even if their homes are not considered to be in a flood plain. Wondering if you should look into getting a flood policy? Here are the key points you need to know:  As insurance rates have climbed over the past several years, it has insureds hard pruning coverages to offset those increases.
It's understandable why they're doing that, but it's like gambling with their money. Many become significantly under-insured when they do that and take on huge financial risk. It takes just one event to financially destroy them, as the following examples illustrate:  With tornado season already underway in the South, it's important to recognize what most standard homeowner's insurance policies provide for "all-perils" coverage.
This insurance coverage includes protection against tornado damage, but understand that there may be potential exclusions or limitations within your policy that can greatly impact your coverage. For example:  Damage from hurricanes can include some or all of the following:
The coverage of standard homeowners policies can vary significantly, but in general:  If you live in Georgia and South Carolina, there is a good possibility that you could experience damage from a hurricane-related event.
What insurance do you need to cover water and wind damage? Depending on exactly where you live, a good plan could include a combination of insurance policies. Here are some essential tips to take BEFORE a hurricane comes your way:  Scenario: A severe wind and rain storm caused your home to flood. Will your homeowner's insurance cover the water damage?
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AuthorDennis Lam Archives
July 2024
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