Property Damage & Disaster Restoration Blog: Long Island & New York City

A Consumer Guide to Insurance for Natural Disasters

Posted on Thu, Dec 30, 2010 @ 10:59 AM

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Introduction
Natural disasters (including floods, nor'easters, etc.) affect the lives of many people in the United States every year.The hazardous effects can be local, impacting a neighborhood or community; or very large, affecting an entire city or county. People who understand disasters and know what to do before and after a disaster can significantly reduce the time and cost to return to normalcy. The purpose of this information is to provide an understanding of the types of natural disasters and the insurance available to cover the losses resulting from them.
 
Insurance for Your Residence
Depending on your type of dwelling, you will need to consider your insurance options to determine the most appropriate coverage. It makes good sense to purchase the type and amount of coverage that is adequate to protect your home and your family.

Owning a Home – There are various types of policies available to homeowners. In general, the homeowners policy combines property coverage with liability coverage. Dwelling policies only provide property coverage.

Rental – This policy covers the personal property owned by renters. It can also cover liabilities arising from accidents and injuries for guests..

Owning a Condominium – Condominium policies primarily provide content coverage to condominium owners. In addition, there are special provisions to cover the portions of the dwelling for which you are responsible as defined by the governing rules of the condominium.

Owning a Home on a Farm – If your home is on a farm, a farm owners policy may be appropriate to protect against loss. In general, a farm owners policy provides coverage for farm business exposures, and both property and liability coverages.
 
Insurance Available for Your Property
Before buying an insurance policy, you should check for the types of coverages and products available in New York State. You also need to know the types and limits of coverage you want to purchase. Coverage is available for:
 
Dwelling – This is the structure of the house. (That is considered a covered property.)

Other Structures – These are other structures that are separate from the house. Examples are detached garages or toolsheds.

Personal Property – The contents in your home are considered personal property. This includes furniture, appliances, clothing and computer equipment. Some personal properties are specifically excluded and are either not covered under the policy or have limited coverage. Examples are: money, jewelry and firearms.
 
Loss of Use – This is the cost of additional living expenses incurred, when the dwelling becomes uninhabitable, and the cause is due to a covered loss. Reimbursement, such as the cost of a hotel room, will be made to the insured to maintain a normal standard of living.
 
Information Source:
New York State Department of Insurance
25 Beaver Street One Commerce Plaza
New York, NY 10004 Albany, NY 12257
(212) 480-6400 (800) 342-3736
www.ins.state.ny.us

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