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    Types of Insurance You Need to Protect Your Home or Business

    Dangerous weather can happen at any time, and it destroys thousands of homes and businesses each year. Preparing ahead of time by purchasing insurance for your property can help in the event that you suffer damage from high winds, lightning, fires, hurricanes, flooding, and many other natural disasters. There are many types of property insurance, so choosing the best one for your home or business can be a difficult task. Here are some tips to decide on the right plans for you.

    Choosing What to Cover

    If you are looking to protect your home, choosing a high coverage homeowners insurance is a good first step. Most homeowners insurance options cover fire, lighting, windstorm, and smoke damage. However, more costly and drastic weather conditions like earthquakes, hurricanes, and floods are often not included in homeowners insurance. Instead, catastrophe insurance covers these more extreme natural disasters.

    For businesses, basic insurance policies often cover the same events as homeowners insurance, such as windstorm and lighting damage, and also require additional plans to cover natural disasters like earthquakes. For example, if your business suffers damage in a hurricane, you could file a wind damage roof insurance claim that would most likely be covered by your basic business insurance. However, damage caused by flooding from the hurricane would not be covered, so purchasing an additional plan specifically for hurricanes or flooding is necessary.

    How Much to Cover

    For most small to medium-sized businesses, purchasing additional insurance for every possible natural disaster is expensive and impractical. Instead, it is more realistic to focus on plans that cover the most common natural disasters in your area. If you live on the coast, purchasing flood and/or hurricane coverage is a smart investment. If you live near fault lines where earthquakes are common, adding coverage for earthquakes is a good idea. Incorporating natural disaster safeguards into your business and home can be a great way to reduce the cost of insurance. For example, designing your home on stilts to avoid flooding can get you a better deal from insurance companies.

    Make sure that your insurance covers the replacement value of your home or business when selecting the dollar amount of coverage for your business. Also, in order to get your possessions or inventory accurately covered, make sure to keep regularly updated lists with photographs and prices of your items in the event they get damaged or lost during natural disasters.

    Conclusion

    Overall, adding endorsements and additional coverage to your homeowners or business insurance is a great way to protect your home or business in the event of a natural disaster. Choosing coverage for the most likely events is best to keep costs reasonable while also protecting your property. Doing plenty of research before choosing an insurance company or plan is necessary in order to get the best fit for you and your property’s safety!

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