Not only are tornadoes terrifying and deadly, they leave destruction in their wake. And that destruction can be expensive. How much damage can a tornado do? In the US, losses from tornadoes and thunderstorms in 2014 totalled $12.3 billion, according to III. That's a lot of money. If your home were hit, the cost of rebuilding and replacing your belongings could be huge. Since you likley already have a policy in place, does your homeowners insurance cover tornado damage or do you need a separate tornado insurance policy?
Luckily for homeowners, the short answer is yes, your homeowners insurance should cover tornado damage. Provided you have the right limits in place, your homeowners insurance should cover the costs of repairing (or rebuilding) after tornado damage. You likely do not need to buy a separate policy to be covered from weather events like tornadoes, wind, rain and hail, like you do for flooding or an earthquake. Though losses caused by tornadoes are generally covered, homeowners should consider whether they have adequate coverage for a disaster. You'll want to make sure your coverage under your current policies is enough to rebuild your home, if necessary.
Does Insurance Cover Tornado Damage?
Home Insurance Coverage for Tornadoes
When you purchase a homeowners insurance policy, you are not only purchasing protection for your home and its structure, but also for many of your belongings and personal property. Your homeowners coverage often will include coverage for the structures that are on your land, including your garage and outbuildings.
Because tornadoes can be so destructive, homeowners should try to ensure that they have enough coverage for potential rebuilding and enough personal property coverage to replace your belongings. The cost to rebuild can change over time. Evaluate your coverage each year and consider current building costs in your area.
Homeowners should also be aware of some of the limitations of their insurance coverage. Oftentimes collectibles or very valuable jewelry or other items, such as paintings, antiques, and more are not covered under a traditional homeowners insurance policy and require specialty coverage. In some cases, you will want to be sure you get the jewelry “scheduled” on your homeowner’s policy or ask for “fine arts” coverage to repair or replace these items in the event they are lost or destroyed in a tornado. Speaking with your agent will help you determine what coverage is appropriate for your belongings.
Another nuance homeowners should be aware of is whether their personal property coverage covers replacement cost or the actual cash value of your property. Usually, replacement cost refers to coverage that will replace your belongings with items of like quality. Actual cash value often refers to coverage that will replace your personal property with depreciation factored in. Depending on what type of coverage you have, you may want to adjust your limits accordingly.
Remember that your policy should be reviewed, at least annually. If you’ve done extensive remodeling, or put an addition on your home, you’ll want to speak to an agent about increasing coverage so that you have enough to rebuild after a tornado or other event covered by your homeowners. Regardless of where you live, you should give your insurance agent a call at least once a year to review your policy to ensure you have the proper coverage in place, as well as review what your policy does and does not cover. This tornado season, give one of our insurance advisors a call at (844) 824-2887 to make sure your policy will cover tornado damage, that your policy limits accurately reflect your current situtation and to better understand the types of coverage your policy offers.
How Much Is Tornado Insurance?
If you're worried about the cost of tornado insurance, you'll be happy to learn that you probably don't need to pay for a separate policy to get coverage. Generally speaking, you don't need a specific policy for tornado damage outside your existing homeowners insurance policy.
If you live in an area that regularly sees tornadoes, your premiums likely reflect that risk and may be more expensive than home insurance in another region of the country. If your home insurance rates are high, there are ways to save (we've rounded up 18 ways to save here). A licensed insurance agent can not only help you review your coverage, but they can also help you compare quotes to find the best and cheapest options, as well as look into discounts on your behalf. Give one of our insurance advisors a call today at (844) 824-2887 to see how much we can help you save.
Tornado Likelihood
When most people think of areas susceptible to tornadoes, they think of Tornado Alley, the region of the United States most known for tornadoes that spans from Texas as far north as North Dakota and from Colorado as far east as Ohio. However, tornadoes can hit close to home - other states, like even both New York and Pennsylvania, can see a handful of devastating tornadoes every few years. These tornadoes are often caused by dips in the jet stream, according to meteorologists. The extra energy, powered by the jet stream, stirs up the weather system and culminates in thunderstorm and tornadoes.
Nationally, there are about 900 tornadoes in the U.S. each year, according to the Storm Prediction Center. From 1991 to 2010, the average number of tornadoes was three in New York and four in Pennsylvania annually. As recently as 2014 in Smithfield, NY, a tornado packing 135 mph windows destroyed two mobile homes, killing a mother, her 4-month-old baby and an older female relative, Syracuse.com reported. Wherever you are, tornadoes can be devastating.
Tornado season typically starts in March and ends in July, but they can still occur before or after the season. In addition to learning how to keep you and your family safe during severe storms and tornadoes, you should take a moment this tornado season to consider if your home is adequately insured to cover damages and losses resulting from storms and tornadoes. Having the proper limits and coverage in place will help you ensure that if your home is devastated by a tornado, you’ll be able to afford the costs of repairing and rebuilding it. A tornado is not only scary for adults and children alike, it can also be devastating to your home and property. From tearing up trees to destroying outbuildings to damaging or destroying your home, having the right homeowners insurance policy is essential to being able to repair and replace your biggest investment.
Call one of our expert insurance advisors at (844) 824-2887 today to review your homeowners insurance to see if you have the proper coverage in place to protect your home and property from a tornado. Or request a free comparison quote: