The economic costs of 394 natural catastrophe events in 2018 came to $225 billion with insurance covering just $90 billion of the overall total, according to an Aon report titled “ Weather, Climate & Catastrophe Insight
Recent devastating wildfires in California serve as a reminder to homeowners of the damage natural catastrophes can cause, with reports suggesting that many of those affected may be underinsured.
But it doesn’t always take a natural disaster to cause serious damage to your home or contents.
Large televisions tipping over, windows breaking, and faulty plumbing are among the most common accident-related claims.
Many people could not afford to replace their home and contents in the event of damage or loss and as a result, insurance was an important consideration for homeowners and renters.
It is equally important to choose the appropriate home and contents insurance for your circumstances.
It goes without saying that if you live close to the coast or Forrest, that flood and fire should be in your policy
However, understanding what additional events the policy covers is also important as you don’t always know what exactly will happen in the future.