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Extreme weather damage and your home insurance

September 16, 2009

Throughout this past summer, Southern Ontario endured a string of violent thunderstorms and tornadoes, leaving a path of widespread destruction that’s ruined numerous buildings and homes. For many of the homeowners, insurance will cover most, but not all, of the repair costs as a result of the weather related damage.

Insurance companies are obligated to assess the damage and determine if your policy has the necessary coverage to insure the damage. A lot depends on the amount of coverage you purchased and the word phrasing built into your policy. Unlike car insurance, there is no such thing as a standard home insurance policy. This is because home insurance coverage varies from insurer to insurer.

Home policies insure the building and your personal property for direct loss or damage caused by insured perils. Weather-related insurable perils include water damage, lightning, electrical currents, windstorms and falling objects.

Certain situations not covered by insurance due to weather-related damage include water damage caused by floodwater, repeated or continuous water seepage, sewer back up, damage to antennas and satellite dishes as a result of wind, damage from freezing outside the home and damage caused by earthquakes.

Note that sewer back up and earthquake coverage can be purchased as separate coverage from your insurer.

If you’re a homeowner who has suffered damage to your home or personal property, you should review your policy’s word phrasing or contact your insurance representative to review your coverage and deductibles. If you’re looking to get quotes and compare rates on home insurance, visit InsuranceHotline.com.