A few blog posts ago we wrote about the impact of desert weather on your home’s exterior. Hot desert weather is what most people associate with Arizona.
Sometimes people who live outside the Scottsdale area don’t realize the variety of weather conditions that can affect Scottsdale homes and insurance policies. In fact, sometimes locals forget about the impact of weather conditions. From flash floods and monsoons to hot desert summers, it is important to review your policy regularly to ensure you have the proper coverage.
What you might have overlooked are these five things that you may find your Scottsdale home insurance will exclude or limit.
Anti-concurrent causation. When two events happen simultaneously, if one isn’t covered by your home insurance, the policy may not cover damage from either event. Talk to your insurance agent about your current coverage.
Flood coverage. As we noted in an earlier blog, “Scottsdale Home Insurance a Safe Bet During Monsoon Season,” each year “across the nation there are more deaths attributed to flooding than any other severe weather event, according to the county’s flood control district.” For Arizona, monsoon season typically falls toward the end of summer around August. For homeowners, flood insurance is not automatic. The National Flood Insurance Program is the primary source of coverage for damage from flash floods and heavy rains.
Earthquake coverage. Traditionally, the Scottsdale area isn’t prone to earthquakes. However, in this October 2012 news story out of Tucson, the Arizona Geological Survey has recently released a free, new book called, Arizona is Earthquake Country. Being so close to California may have something to do with that.
Lost wages. If you have to take time off due to a catastrophe, your typical home insurance policy will not reimburse your wages. There is insurance, such as disability insurance, to cover loss of income if you are injured. Otherwise, if you need to take time off, you’ll likely have to use you’re accrued, paid vacation.
Rebuilding your home. Most home insurance policies have built-in limits, so the cost to rebuild might exceed the cap on your policy. Plus, when you go to rebuild, you may find there are changes to the building code that can increase your expenses. Most home insurance policies don’t cover the additional cost of mandated upgrades unless you have an insurance rider. This August 2012 article at Kiplinger suggests the dwelling limit is “typically 10% of the dwelling limit for other structures on your property, 50% for contents, and 20% for loss of use of your home (additional living expenses when you can’t live in your home).” You may want to consider guaranteed replacement coverage.
Knowing what your home insurance covers are important to homeownership. If you’re looking for the right Scottsdale home insurance policy, let us find the right policy for you.