Know Your Coverage

Will your home insurance cover it? The answer is yes, because the industry classifies tornadoes as every-day windstorms, rather than singular catastrophic events like earthquakes or floods.

FOCUS ON DEDUCTIBLES

Your basic homeowner policy should cover costs to repair damage from a tornado, according to the Property Casualty Insurers Association of America. The issue may be your deductible — in particular if your home doesn’t take a direct hit. Wind and rain can wreak havoc on your home, without severely damaging it. If you’ve chosen to limit your premiums by agreeing to a higher deductible, costs from nearby or smaller tornadoes can add up quickly. Consider a costlier premium with a smaller deductible if you live in a tornado-prone area.

TAKING INVENTORY

Replacing storm-soaked belongings is next on your checklist. Make a list of your possessions, to ensure you have adequate coverage for what’s inside. If possible, attach receipts to your list — especially for big-ticket items like appliances and electronics. Take photos or a video, so there is a visual record. Store it all in a protected place, either in a remote safe-deposit box or inside a lockbox inside your designated safe room. Making a claim will be far easier, should the time come. Personal property coverage either replaces these lost items, or helps you recoup their costs. This very important add-on also protects you against other weather-related events like lightning or wildfire, as well as vandalism and theft.

OTHER CONSIDERATIONS

There can be a limit to how much personal property your home insurance will cover. So you may need to add a rider to your policy in order to increase coverage to include things like fine art, coin or stamp collections, jewelry or particularly expensive technology. Determine if your policy will pay your living expenses, should you be forced out of your home during repair or rebuilding. Adding pet coverage can help pay for veterinarian or funeral expenses. Whatever you decide, keep your homeowner-insurance company’s contact information with you. In the event of a tornado, you’ll need to get in touch as soon as your family is safe.