Weather is a more important consideration when buying a home than you might think. It has to do primarily with insurance coverage (or the lack of it). It’s only been about 60 years since the insurance industry has been calculating risk related to weather patterns and natural disasters. Prior to these new calculations, fire was the only natural disaster considered. Now wind, hail, flooding, tornadoes and hurricanes are key risks on which insurance calculations are being made.
Climate change has made calculating risk related to weather patterns a more challenging endeavor in recent years. Choosing the best homeowner’s policy with the appropriate risk assessment depends on a number of factors, including location, policy coverage options and what certain regions offer. Increased development in more areas of the country has also had an impact. Some areas will have more exclusions and options when it comes to purchasing hail, wind or other natural disaster coverage.
The best thing to do, when it comes to homeowners insurance and weather-related disasters, is to pick a policy with standard coverage (coverage without “carve outs” for certain things). For example, some policies have hail damage coverage, but they have a “carve out” for roof damage caused by hail. Avoid these if you are in an area prone to hail damage.
Overall, the best plan for homeowners when it comes to securing homeowner’s insurance is to try and reduce the number of exclusions and limitations in their policy, and get weather-related coverage that will benefit them depending on what region of the country they live in.
I’d be more than happy to discuss this further with you and answer any questions you may have. Just give me a call.