There is nothing natural about facing down a natural catastrophe or the damage in the aftermath of an “Act of God”. Due to circumstance beyond your control you’re now looking at a golf ball-sized hail crack in your windshield or half your shingles in your neighbour’s yard.
But all catastrophes are not created equal and it is important to check your policy to confirm that you’re covered.
Look to confirm that you have Comprehensive Coverage. Comprehensive covers loss or damage to your vehicle from:
- Theft and vandalism
- Fire, earthquake, explosion
- Falling or flying objects such as a rock or gravel hitting your windshield
- Hitting a domestic or wild animal
- Weather—lightning, windstorm, hail, rising water
Best of all comprehensive claims will not affect your current safe-driving discount level.
You’ll often hear or see insurance issues called “perils”. This can mean anything from vandalism to a plane hitting your home or even the more garden variety mother nature perils of weather. When reviewing your policy, look to confirm that you have things like guaranteed replacement costs so you don’t end up with less than you started. Check your policy to see which perils you have coverage for:
- Aircraft or vehicle impact
- Electrical current
- Falling object (excluding objects propelled by snowslide or earth movement)
- Smoke (released suddenly from malfunctioning cooking or heating devices, but not from fireplaces)
- Transportation (of personal property while it is temporarily away from your home, including fixtures and fittings being repaired or in seasonal storage)
- Vandalism (where building is normally occupied)
- Water damage (usually includes damage arising from sudden and accidental escape of water from an indoor plumbing, heating, sprinkler or air conditioning system; or from an indoor or outdoor “domestic appliance” on your premises; or from a water main.) If you have a swimming pool or hot tub, inquire about policy options to adequately insure it.
- Wind and hail (applies to the exterior of the building excluding antennas and satellite dishes; interior of building is covered if the storm has first created an opening)
- Window breakage (in a building that is normally occupied)
Keep in mind that although shingles blown off in a storm would be covered, rotted shingles due to disrepair would not.
For more details on what is or isn’t covered – like your home-based business equipment – call your advisor. They can best help you navigate the perils of everyday life.