In 20, USGS published short-term seismic hazard models from induced and natural earthquakes. Geological Survey (USGS) updated its long-term seismic hazard maps in 2014, and they showed increased earthquake risk for half the country. Remember the 2011 temblor that damaged the Washington Monument? "So, if there is shifting, it's not covered by a standard homeowners policy."Įarthquake coverage can help protect against these potentially life-shaking events. "It can be any kind of earth movement," Saine says.
You don't need to live on a fault line to incur earthquake damage, as defined by insurers. So don't wait until disaster looms to buy coverage.
Flood insurance is available through USAA via the National Flood Insurance Program, which is underwritten by the Federal Emergency Management Agency.Just a few inches of water in a home can cause tens of thousands of dollars in damages. In 2018, the year with the most recent Federal Emergency Management Agency (FEMA) data available, the average residential flood claim was $42,580 and the average policy premium for flood insurance was $642, according to the Insurance Information Institute.Between 20, more than 40% of flood insurance claims came from outside a high-risk flood area, according to."If it can rain, it can flood," Saine says.įlooding can also come from a burst pipe, or a neighbor's careless mistake of leaving the bath running. Are floods covered by homeowners insurance?ĭon't assume just because you aren't near a river or coastline that you aren't susceptible to flooding, which occurs any time groundwater enters a house.
INSURANCE HOME PROTECTOR ADDITIONAL HOME LIABILITY HOW TO
If you want to avoid the unexpected costs of getting caught without coverage, it's important to understand what homeowners insurance doesn't cover - and how to fill those gaps with separate policies or endorsements. "But misunderstanding the limits of your policy can be an expensive mistake." "Gaps in homeowners insurance aren't always well-understood,” says Benjamin Saine, Director of Product Management at USAA. Far too many people live under the assumption that their policy covers just about everything.
You might be thinking, "That would never happen to me!" but the unfortunate reality is that misconceptions about homeowners insurance are quite common, both in high- and low-risk areas. Less than 40% of homes in the Florida Panhandle had active National Flood Insurance Program (NFIP) policies in place when Michael made landfall. Sadly, it seems many residents were not aware of the financial risks they faced - even if they knew they were in hurricane territory. Flooding is also typically excluded, which can limit coverage for damage from heavy rains and storm surge. Homeowners policies may have exclusions or limitations for damages due to certain weather conditions like wind or hail. Many thought their standard home insurance policies would cover damage from the storm. When Hurricane Michael hit the Florida Gulf Coast as a Category 5 storm in 2018, it caused over $25 billion in damage - almost $5 million at Tyndall Air Force Base.īut it ended up being more than a natural disaster for some homeowners.
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