Hazard Insurance: Protecting Your Assets from Calamity
Hazard Insurance
Flood.
Earthquake. Hurricane. Wildfire. Each of these weather events can cause
significant destruction to our property—and our wallets. But with the proper
hazard insurance coverage, you can rest easy knowing your assets are covered.
Home
Insurance Coverages
If
you own a home, your mortgage lender probably requires you to carry homeowner’s
insurance. This policy protects the structure of the home and the
belongings inside from damage and total destruction.
A common home insurance policy will usually protect you from damage caused by:
- Smoke, fire and lightning
- Vandalism and burglary
- Wind and hail
- Water damage from home
appliances (like a refrigerator or water heater)
- The weight of heavy snow or
ice
Despite
these coverages, home insurance does not protect your home from flood
damage or earthquakes. And as we saw with the insurance problems along the
Additional
coverage for earthquakes and wildfires is also available in areas prone to
these kinds of disasters. As you shop for home insurance, it’s a good idea to
ask your agent to factor these coverages into your overall premium quote to
give you a better idea of what you’ll be paying.
Car
Insurance Coverages
Hazard
insurance is also something to consider when you’re insuring your vehicle. Next
to your home, your car is probably one of the most expensive things you own. If
you’re leasing or financing your car, you probably carry collision and comprehensive
coverage.
Collision
coverage pays for damages to your car caused by a collision with another
car or other object. According to the Insurance Information Institute (III), it
can also pay for damage caused by potholes.
Comprehensive
coverage can be considered more of a hazard insurance coverage than collision
coverage. That’s because it pays for damage to your car from fire, smoke, hail,
flood, vandalism—even missile destruction.
Because
of the extensive coverage it provides, comprehensive coverage is great to keep
on new and antique cars. Just make sure to evaluate the coverage you keep on
your cars every year—if your car is paid off or loses value, you’ll probably
want to drop comprehensive coverage from your insurance altogether.
Find
Hazard Insurance Today
Oftentimes,
the unthinkable happens when we’re least expecting it. But with adequate hazard
insurance on your home and car, you’ll rest easier knowing your assets are
covered if the worst should happen.
Need
home or auto insurance? Let InsureMe connect you with the agents on our
network, so you can shop for the coverage best suited to you.
