Research Could Help Hold Down Cost of Home Insurance

Researchers are working on advancements that could help hold down the cost of home insurance by predicting where hurricanes are most likely to produce power outages, and how many are likely to occur in a given region.

The research will also potentially help utility companies get power restored more quickly by providing more time to develop a response plan as well as better insight into where work crews should be deployed.

An announcement from Johns Hopkins University says that the savings will especially benefit power utilities. However, homeowners can take notice of this advance as well because their insurance policies will not always cover loss related to food spoilage and other things brought on by a power outage.

The researchers noted in their recent announcement that some major hurricanes had caused customers to be without power for as long as 11 days. Homeowners are also generally advised to know what their policies cover in the event they ever have to leave their property for a short period of time.

After a major storm, home insurance claims can be triggered by a variety of kinds of losses, from wind and hail to other kinds of damage.