December 28, 2022
Storms can inflict substantial damage on homes. Many insurance policies do not cover this damage, or do so with deductibles so high they negate any potential offset. This past week's massive storm on the East Coast may not be as damaging as the fires that have decimated entire neighborhoods in California, but it's another reminder about reviewing insurance policies regularly, especially at a time when inflation pushes replacement and repair costs higher.
Storms can act as a prudent reminder to all of us to look closely at our insurance policies and to evaluate preventative measures that could minimize, reduce or eliminate future damage. Getting reimbursement from an insurance company can feel good, but that soon fades once you factor in the time, aggravation and losses most incur from storm damage.
Many around the US are being confronted with sharply higher insurance premiums, including landlords, who usually pass these higher costs on to their tenants. Insurance companies are increasing rates to make up for billions of dollars in losses due to worsening climate disasters, and surging inflation means homes require more dwelling coverage to pay for rebuilding costs. The combination of these factors has resulted in some fairly drastic rate increases in 2022.
If your property has experienced storm damage, it is critical to have the damage closely and quickly evaluated by your insurance company. Report the damage immediately. Take many photos to document the damage. Try to get an insurance adjuster in to evaluate the damage ASAP. (PS: Damage in the garden that has not damaged any built structures is often not covered and downed trees are not exactly inexpensive to remove.)
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