Does Homeowners Insurance Cover Natural Disasters in New York?

Does Homeowners Insurance Cover Natural Disasters in New York?

Across the country, billions of dollars are spent yearly on damages caused by natural disasters. It’s important to know what disasters are common in your area. In New York, you need to be prepared for different types of natural disasters. Some of these disasters require a special type of insurance policy, while others may be included in your standard homeowners policy. You will need to read through your insurance policy to become more acquainted with what it covers.

Natural Disasters Known to Hit New York

There are many natural disasters that impact the residents of New York. While many of these are covered under your traditional homeowners policy, disasters like floods and hurricanes must be covered under specialty policies or endorsements.

  • Tornadoes
  • Fires
  • Hurricanes
  • Explosions
  • Volcanic Eruptions
  • Lightning
  • Blizzard and Frigid Temps
  • Floods/Sudden Water Damage

Your policy will list the individual perils that it covers. It may also cover secondary damage caused by a natural disaster if you can’t find the information or don’t understand what you are reading. Your agent will be able to help you make the most of the information your policy contains.

Also Read: How to Prepare for Hurricane?

What Disasters Are Covered By Homeowners Insurance?

Tornadoes, lightning, and blizzards are commonly covered by your homeowners policy. Other perils are not. Nuclear events, mudslides, flooding, hurricanes, and earthquakes require a supplemental policy that will pick up where your homeowners policy leaves off. A basic policy may only cover around ten perils. A more comprehensive policy may cover up to 16 perils and a variety of other damages that occur as a result of one of the perils.

Interesting Facts

It was estimated that in 2020, over $74 billion was spent to help homeowners repair property damage that was caused by natural disasters. Claims for damages caused by natural disasters increased by almost 88% from 2019 to 2020. Natural disasters occur out of nowhere, and they are difficult to plan for. Some years may be exceptionally quiet. Other years may be extremely active, with several natural disasters occurring within a short period of time. Waiting to buy a policy until you know a storm is coming is too late. You won’t be covered.

What You Should Know?

It’s essential that you understand which types of natural disasters are covered by your homeowners insurance policy. There are policies that are fairly basic in coverage, taking care of the bare minimum. On the other hand, you can purchase a comprehensive policy that covers up to 16 perils. Depending on the carrier, you may still have to purchase supplemental policies for flooding and hurricanes. Insurance policy verbiage can be confusing. If you don’t understand something, call your agent right away. They have the answers you are looking for.

01 Insurance Can Help

Understanding natural disasters and the damage they can cause is a must when buying homeowners insurance. It can be devastating news to hear that your damage isn’t covered because it was caused by a peril not listed in your policy. Contact our agents here at 01 Insurance to ensure you have all the coverage you want. If a peril is not listed in your policy, request a supplemental policy so that you are guaranteed the level of coverage you want for your home.

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