Standard Home Insurance and Lightning Damage
The National Lightning Safety Institute gives us the statistics on lighting strikes.
Did you know that the odds for a person to be hit by lightning are quite slim - 1 in 280,000. When it comes to lightning striking a home there is much greater frequency, however: a likelihood of one in two hundred!
The insurance companies seem to underscore the possibility with a 2015 report that found related insurance damage claims surpassed even the high $825 million index.
Alarming as it is, the fact that standard home owner insurance can cover this type of peril up to the limits of the particular policy provides a form of peace of mind to those thinking individuals that are concerned about disasters like a lighting strike.
Losses associated with lightning may incorporate the following:
Damages related to personal property, including things like electronics and appliances
Structural as well as damages on property that were caused by a fire sparked by a lightning's direct strike
The issues involving lightning strikes are not resigned only to the above information. Read on for a summary on further related matters.
Additional Matters regarding Lightning Damages Coverage to Know
Electrical surges that are caused by a lightning strike may significantly damage connected personal electronic equipment. Possible losses can run into reach immense financial proportions in today's society where electronics is an investment most make. Because insurance payment is based on the actual cash value, equivalent to the present day price for similar items, reduced by depreciation, it may be worth the while of someone in a high frequency lightning occurrence to add replacement cost coverage to their home insurance policy.
Insured homeowners are advised to read through their homeowners' policies to see if additional living expenses are included in coverage. If a related fire makes a home unfit for occupancy while it is being repaired or rebuilt, such coverage will pay for temporary comparable housing accommodations.
Insurance experts also have another underscored recommendation for the homeowner: make sure to draft a comprehensive list of all the items in your home so that in the event of a related claim, there will be less complications to the process.
Just as every face in a household differs in its uniqueness, so does every home owner's exposure to perils. Let an experienced independent agency navigate your homeowners insurance so you know you will have coverage for your individual needs and requirements.
PRIME Insurance is a three-generation family-run independent agency. We're proud partners with over 40 of the leading underwriters. We do direct business with national companies like ACE, AmTRUST, ASI, ASSURANT, CHUBB, CNA, Employers, FOREMOST, Liberty Mutual, MetLife, PROGRESSIVE, Safeco, StillWater, Travelers, USLI, ZURICH and more. We provide all forms of coverage and bonds at competitively lowest quotes. Visit us at https://www.primeins.com/ or call us at 732-886-5751 or email us at Prime@primeins.com.
By M Wyzanski