Spring in Collierville, TN brings more than flowers. It means thunderstorms, tornadoes, and floods. Some of the damage caused by those natural hazards your homeowners policy covers. Others it doesn’t. Brock and Poole Insurance Agency wants you to understand your homeowners policy so you can plan ahead and obtain additional insurance to remain on the safe side.
Homeowners Insurance vs. Specific Hazard Insurance
Check your policy. Every policy differs. Read which hazards your policy covers.
Know the difference between how damage occurs and when your policy covers it. For example, if your pipes burst or a pipe springs a leak, flooding your basement, a homeowners policy typically covers it. If heavy rains cause rising waters and it floods your home, flood insurance covers it.
Tornadoes occur commonly in Tennessee. Many homeowners policies cover wind damage from a tornado. If you live in an area that previously sustained damage, especially more than once, your policy may no longer cover wind damage. You would need to obtain a separate wind insurance policy to cover your home against tornado wind damage.
Hail occurs often in thunderstorms. It can occur outside of one. A typical homeowners policy covers hail damage. If you live in an area experiencing frequent hailstorms though, the policy may not cover it. You may need separate hail insurance.
Coverage Limits and Deductibles
Check your policy for your coverage limits and your deductible. A deductible refers to the amount of money you must spend out of your pocket before the insurance kicks in and pays for other items.
The higher the deductible, the lower your premiums. If you can afford a higher deductible, you can obtain greater coverage limits for less money. That’s important because if your property values go up before you update your policy, your policy only covers the amount for which you obtained it. It will cost you more to rebuild than your insurance covers.
Coverage limits also apply to the home’s contents. If you recently purchased new appliances, electronics, etc. without increasing your coverage, your insurance won’t cover all your costs.
Brock and Poole Insurance Agency wants you to have the coverage you need so when disaster strikes, you can quickly recover. Collierville, TN experiences stormy weather annually. We can help you prepare for the worst, so you can keep living the best life possible.
