When Does Insurance Cover Storm Damage To Your Home?

By Fred Zimmerman

Have you had your Home Hit By a storm?

These days most everyone that has a home has a loan on their house in the United States. When a mortgage company loans money on a home, they will almost always without fail that they will insure the property. The homeowner actually is the one who pays the insurance every month to insure the property.

The Banks do this in order to insure that if something happens to the home, they will recoup their loan value from the property. There are homeowners that are not aware that they have insurance on their homes. This is because sometimes the monthly payments on the home loan may also include the insurance policy payment.

This does not mean the bank is in charge of the policy. Remember that the bank only wants to make sure the property is insured because they want their money back if something were to happen to their investment. The investment that the homeowner actually is paying for, is really the banks until the loan is paid off. The bank is so concerned about the loan on the property, that they make it a requirement for insurance to be on the home. If you think this is not true, just try to cancel your insurance on your home.

When are home not covered?

The only homes that usually do not have insurance on the home are ones that are fully owned by the homeowner. I have run across homeowners that don’t think that they have insurance on their home to cover property damage. Even if they don’t know who their insurance is, they can rest assured if they are making payments on their home, it is insured.

Contacting your Insurance.

If the homeowner does not know the name of their insurance they can usually find it by looking at the next month’s loan payment. If the insurance cannot be found there, then call the mortgage company and ask who insures the home. They will be able to find out. The Next objection some homeowners have is that insurance will not cover storm damage. They think that home insurance is not for storm damage, but only used if their home burns down, or they flood their home by neglect or something along those lines. That is not true the insurance covers more then just those events.

I talked to a homeowner that has two homes, one burned down from lightning during the same storm his other home suffered hail damage. The insurance sent him a check for his home that burned down, but he was scared to let the insurance know about his hail damaged home. It doesn’t matter if your house is not burned down to the ground, there still may be problems.

Insurance covers Hail and Wind Damage

Insurance does cover storm damage if there is wind or hail. The wind damage does not have to be from a tornado or hurricane either. If there has been a large storm in the area it may be good to let your insurance company know that you might have storm damage.

Also another good indicator that the insurance should look at your home is if cars in your neighborhood have suffered hail damage. That same hail most likely has hit your home also.

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