Scenario 1:
A coastal community is hit by a hurricane, leaving many homes and businesses with extensive wind damage and flooding.
RELATED STATS:
- Hurricane impacts can range from minor wind damage on a roof to a total loss, especially in cases of catastrophic flooding.
- U.S. homeowners collectively spend approximately $20 billion per year repairing their homes after storms.
SOLUTION:
- Homeowners Insurance and Commercial Property Insurance can cover repairs and reconstruction following wind damage from a hurricane, while a separate Flood Insurance policy is needed for flood damage. Learn more
Scenario 2:
A homeowner insured their property several years ago and has since completed a kitchen remodel and added a detached garage.
RELATED STATS:
- After a covered fire loss, the homeowner learns that the cost to rebuild the home is substantially higher than the dwelling limit shown on the policy.
- The renovations and increased labor and material costs were not fully reflected in the home’s replacement cost estimate.
SOLUTION:
- Regular coverage reviews and updated replacement cost valuations can help homeowners and insurance professionals determine whether Coverage A (Dwelling Coverage), Extended Replacement Cost Coverage, Inflation Guard, or Ordinance or Law Coverage remain aligned with the home’s rebuilding costs. Learn more
Scenario 3:
A homeowner discovers roof damage and water intrusion after a severe summer thunderstorm brings heavy rain and hail to a neighborhood.
RELATED STATS:
- According to the Federal Emergency Management Agency (FEMA), just one inch of water can cause approximately $25,000 in damage to a home.
- Rising construction and labor costs are also making all types of property claims more expensive.
SOLUTION:
- Homeowners Insurance can help cover many weather-related property losses, while Flood Insurance offers protection against flood damage that is typically excluded under standard Homeowners policies. Personal Umbrella Insurance can provide additional liability protection. Learn more
