Amid Climate Change, Take Home Insurance Seriously
- by Gavin
You probably don’t need to be told that climate change is destabilizing weather systems worldwide and that the resulting increase in major storms is wreaking havoc in different ways. Around coastlines, the risk of flooding is soaring. On the flip side, forest fires, which are increasing in severity and frequency, have devastated parts of North America and beyond.
These increased risks have caused a corresponding shift in the home insurance industry. Your home is where you and your family live, and it is also a source of long-term financial security. Making sure it is protected is mandatory. Please read on to learn how you can ensure your home is protected from the risks that climate change poses.
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Plan Your Flood Insurance Claim Beforehand
There is nothing you can do to prevent a flood from occurring, but you can prepare a response in case it does. You will be devastated if a flood ravages your home, and the last thing you will want to do is detail the loss and prepare paperwork.
To help yourself before a loss occurs, keep an inventory of big-ticket personal items in your home up to date, including how much they cost and where you bought them. After a loss, you should also consider hiring lawyers for insurance claims since they can streamline the process and maximize your return. They will help you submit your claim properly and negotiate on your behalf with the insurer.
If the flood has made living in your home impossible, track how much your expenses cost. For example, if you need to stay in a hotel or rent a property short-term until repairs are complete, your additional living expense insurance coverage should cover most, if not all, of these costs.
Know Your Insurance Plan
If you only realize you have less coverage than you thought after the disaster strikes, I will be too late. Sometimes, you need to read the fine print carefully to understand what you are and are not covered for.
For example, overland flooding is very different from “water damage,” which usually results from faulty pipes or a leak. Your home may be protected from fire damage, depending on the nature of the cause. An overturned candle will likely be covered, whereas a forest fire is considered altogether different.
In general, don’t make the mistake of assuming you’re covered when you’re not.
Is flood insurance protection even possible where you live? Unlike in the US, Canada has no national policy, and roughly one in 10 homes are uninsurable because the flood risk is too high.
Don’t be caught unaware. If you cannot obtain flood insurance, consider this when budgeting for your emergency fund. Ample insurance is the best protection, but if it’s unavailable, there are other measures you can take to mitigate the harm.
Consult the Maps
Have you checked your local floodplain map to gauge if your home is at risk? Don’t think that you are in the clear because your home doesn’t abut a river. Buried creeks can also present a risk of flooding.
Your home is your nest egg and the roof under which your family sleeps. People buy home insurance to safeguard the most important purchase they will ever make. Just make sure you understand the details of your coverage so that you are not caught unprepared.
Img Credit: Pok Rie via Pexels
You probably don’t need to be told that climate change is destabilizing weather systems worldwide and that the resulting increase in major storms is wreaking havoc in different ways. Around coastlines, the risk of flooding is soaring. On the flip side, forest fires, which are increasing in severity and frequency, have devastated parts of North…
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