Part 2: Tornadoes and hailstorms
In our last article, we addressed the question “Will my home be protected from hurricanes? In that article, we discussed hurricanes and the lessons that will prevent us from suffering an unnecessary loss. In today’s discussion, we will address tornadoes and hailstorms.
Quick question before we begin: Do you think that you will be protected with your current home insurance policy in the case of a tornado or hail storm? Let’s find out together:
Will my home insurance cover tornadoes and hailstorms?
First, here’s the good news: your standard home insurance policy should cover you from tornado and hail damage. But, before you take that sigh of relief, there is something that you should understand. If you live in areas that are tornado and hail prone like Texas you may have something called a two-tier home insurance policy.
What is a two-tier homeowners policy?
Simply put, a two-tier policy has 2 different deductibles:
- One is for your home’s structure
- The second deductible is for your roof
Since Texas cities like Dallas and Fort Worth get pounded by hailstorms and twisters it is understandable that your roof will have a higher deductible than your home’s structure. For example, many people have a $500 deductible for their home’s structure, however, if you are in states like Texas, then your roof’s deductible could be 1% or 2% of your home’s value.
Sample Scenario: You own a home worth $300,000 in Dallas.
A 2% roofing deductible will cost you $6,000. In other words, while you would have to pay the first $500 on a structural claim, you would be responsible for the first $6,000 on a roofing claim.
So, what does this mean for you? Talk to an InsuranceHub agent and find out if you have a standard deductible or a two-tier deductible. If you have a 2 tier deductible, then we can shop around to see if you can get a 1% deductible instead of a 2% deductible.
Our agents will shop your homeowner rates to help you get the best deal for your home. But, please don’t mistake cheap insurance with good insurance coverage. Yes, everyone wants to save on their homeowners policy. However, it would be a mistake to underinsure your home for the sake of saving a few bucks.
The answer? You need to compare apples to apples, not apples to oranges. This way you are ensured of getting the best value for your money. Seriously, what good is having cheap insurance if it hurts you later when you have a roofing claim from a tornado or hail storm? Finally, remember the lesson that we learned in part 1 of this series when it comes to hurricanes. Cover up, tarp and protect your homes damage immediately to prevent future additional damage that may not be covered by your insurance company.
In part 3 of this series we will discuss:
Check out part 3 to find out if your insurance coverage will protect you from these natural disasters