Earthquake damage also requires a separate policy. You can obtain flood insurance through the National Flood Insurance Progam. In fact, the Insurance Information Institute estimates that only about 12 percent of homes in flood prone areas have flood coverage. If you live in a flood prone area (either living near the coast or large body of water or in a hurricane zone), be aware that homeowners insurance doesn’t extend to property damage caused by floods. Policies in hurricane prone areas such as Texas and Florida generally do not cover roof damage that is caused during a storm. Keep in mind, too, that “wear and tear” vs “natural causes/disasters” can be differently addressed by different insurers and in different parts of the country. If, however, your roof starts leaking after 10 years due to age or general wear and tear, standard home insurance policies won’t cover the cost. Understand When You’re Covered and When You’re NotĪs The Nest puts it “Insurance pays for sudden, accidental events, not for gradual decline and aging.” If a tree falls on your roof, repairing or replacing the roof should be covered by your policy. New or changed circumstances can mean you should make changes to your policy - reviewing your policy at least once a year will help prevent unpleasant surprises. Did your teenager get a driver’s license?.
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