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Heartbreaking images of homes being washed away in Japan’s deadly tsunami this month were a very visual reminder of just how destructive a disaster can be. While homeowner’s insurance is important to have in the face of disaster, the reality is that it only protects your home from windstorm damage—leaving it vulnerable to other major catastrophes like earthquakes and flooding.

Loretta Worters, vice president of the Insurance Information Institute, said nearly 98% of U.S. homeowners have the standard homeowner’s insurance coverage that is necessary to have when paying back a mortgage. Homeowners can purchase flood coverage separately through the National Flood Insurance Program, which protects homes for up to $250,000 externally and up to $100,000 for the contents. Worters said excess flood insurance for more expensive homes can be purchased on the regular market.

Depending on a homeowner’s location in the country, earthquake policies can also be purchased separately. The only type of disaster that is not covered by insurance is nuclear disaster, she said.

“Nuclear is like war, and they can’t insure a home for war,” she said. “It’s not anyone’s fault.”

Many homeowners opt to not get disaster coverage in addition to their homeowners’ policies, Worrters said. Only about 12% of homes in flood-prone areas have flood coverage nationwide, she said, and in earthquake-prone California the same percentage of homeowners buy earthquake insurance.  Read more:

If you would like to find out if you need to add coverage to your homeowner's policy, Contact us at (800) 807-6871 today!  For people who are not in the flood zone the average cost is about $300 per year.

Posted 11:23 AM

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