Insurance Institute Says Winter Storms Total $1 Billion in Annual Property Damage
After the “snow-nami” has walloped the East Coast over the last week, many homeowners have been concerned with damage caused by snow – and they should be since the Insurance Information Institute (I.I.I.) says winter storms cause $1 billion in annual property damage. What’s interesting, however, is that depending on the type of damage a storm causes, you may or may not be covered by your homeowners insurance policy.
Why Your Homeowners Policy May Not Cover Everything
While your homeowners insurance policy covers a lot, it doesn’t cover everything. For instance, earthquakes are not covered in a standard homeowners policy, and neither are floods. In fact, you must purchase both as separate policies through your homeowners insurance company.
Now you may be wondering what floods in particular have to do with snow. With the many feet of snow that have piled upfrom the EastCoast blizzard,there is no doubt that it will inevitably melt – and when it does, it may flood your home.
If you have homeowners coverage, certain damage associated with snow, including broken tree limbs androof or gutter damage from snow or ice weight, are covered by your policy. But flood damage, even from the same storm, represents a different time of damage and thus may not be covered in your policy.
Check Your Auto Policies As Well
Another issue that has surfaced from the East Coast blizzard is that snow plows are damaging cars as they attempt to clean the road. While many cities pay for these damages, some like the Town of Allegany in New York State does not cover cars hit with snow plows.
If you live in a town that does not cover this type of damage, you may want to make sure your own auto insurance can cover the damage.
With the amount of danger that a storm of this magnitude can bring, it’s important that all of your insurance policies are current.