A ‘peril’ in terms of the insurance industry is a catastrophic event like a fire or flood that severely damages your property, like a home or other structure. The list of incidents covered under this umbrella is actually pretty long, and might include some things you wouldn’t think of.
Catastrophe insurance can cover perils such as earthquakes, hurricanes, and floods and against human-made disasters such as a terrorist attack or riot. Although these are low-probability, high-cost events, they are generally excluded from standard home insurance policies.
Make sure you check your homeowners insurance policy to see what specific events you’re covered for.
It is pretty standard for homes (and surrounding structures like garages and sheds) to be covered against both fire and smoke damage. In a worst case scenario, most policies will even cover relocation costs if a home is damaged so severely a move is required.
Water damage from flood requires a separate insurance policy. But, water damage from other sources like sudden burst pipes generally is covered. It’s important to note that in the case of this sort of damage, wear and tear is not a acceptable cause for a pay out, but accidental, unavoidable damage is.
Hail and Wind
Hail can be bad news for your roof, and it generally comes alongside heavy winds that can be equally as damaging. The good news is, this kind of damage is normally covered – yes, even if it’s caused by a tornado. Make sure you read your policy though, as there are sometimes exclusions.
Ice and Snow
If the added weight of heavy winter snow and ice causes a cave-in, you should be covered my most policies.
Vandalism and Theft
While vandalism and theft aren’t natural perils like many of the ones we’ve discussed, they can seriously impact homeowners. Most of the time, policies protect against this kind of damage, especially if an intruder breaks windows or doors in the process. The caveat here is that there is generally a limit in terms of just how much an insurance company can pay out regarding this kind of loss.
If you don’t have insurance, it’s time to get a quote and protect what matters most to you. With Help On Demand, you can easily find an insurance agent, get helpful info, and most importantly, get covered.