In 2004, the insurance industry estimated that about 45% of their settled claims were for damages caused by weather. This past January, that percentage climbed as high as 60%, with a possible 300 million worth of damages being claimed by homeowners for weather related incidents.
Is your home covered against damage from high winds? Will your insurance company pay out to repair damage caused when your plumbing freezes? How much will you have to pay out of pocket for repairs if heavy snow takes out your rain gutters or damages your roof?
If youre not sure of the answers to those questions, it might prove enlightening to pull out your home insurance policy and have a read. According to an industry spokesman, too many homeowners find out what their buildings insurance does and doesnt cover after they have incurred a loss and submitted a claim. Thats the case for many homeowners who suffered damage to their homes during the high winds of the past January who found, to their shock, that theyd be bearing the brunt of the repair bills from their own pockets.
In fact, the most recent figures suggest that over one third of homeowners have no home insurance at all,...
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