Securing a home against natural disasters

August 11, 2011

 

According to Money magazine, the United Sates has already experienced a record number of tornadoes that have caused billions of dollars in property damage. Weather experts predict a highly active hurricane season this autumn, and many assert that the wild conditions will become the norm in future years.

 

Robert Henson of the University Corporation for Atmospheric Research told Money that climate change is the driving force behind intensified conditions, including extreme rain and snowfall and floods and draughts.

 

Money magazine notes that while many people believe that their homeowners insurance will cover damages caused by the weather, the truth is that a large percentage of policies don't. Furthermore, a 2008 study reported that roughly two-thirds of homes across the country were under-insured for disasters. In addition, a 2011 survey conducted by the Insurance Information Institute found that a third of homeowners recently lowered their home or auto coverage to help save money.

 

The roof of a home is the most vulnerable aspect during earthquakes and tornadoes. Money recommends taking the time to firmly strap down the roof of a home to the walls and foundation to protect it from earthquakes. Hiring a roofer to secure roof shingles and flashing will help protect it from being damaged by high winds, and roof clips attached to the walls will secure the roof in place.

 

Structurally speaking, the garage door is another weak spot to consider, according to Money. Impact-rated pressurized doors hold up well, but can be quite expensive. Homeowners can consider retrofitting existing garage doors with pressurized equipment that will provide reasonable protection at a smaller cost.

 

 

Homeowner's insurance policies generally don't cover flood damage. The National Flood Insurance Program (NFIP), operated by the Federal Emergency Management Agency (FEMA), notes that wherever it rains, it can flood.

 

Any number of factors can contribute to flooding, including hurricanes, broken levees, outdated or clogged drainage systems, heavy rainfall, river-flow and topography. The NFIP has a comprehensive array of flood-hazard maps, depicting the flood risk of communities around the nation.

 

 

Even if a home's market value has decreased, it doesn't mean that the home needs less coverage, Robert Schneller, a risk-management expert from the University of Houston, told Money. A good policy should cover the entire cost of rebuilding the home from scratch. Schneller recommends paying extra for guaranteed replacement coverage or an inflation guard, both of which can help cover higher-than-expected rebuilding costs.