Standard Home Insurance and Lightning Damage

The National Lightning Safety Institute gives us the statistics on lighting strikes.
Did you know that the odds for a person to be hit by lightning are quite slim – 1 in 280,000. When it comes to lightning striking a home there is much greater frequency, however: a likelihood of one in two hundred!

The insurance companies seem to underscore the possibility with a 2015 report that found related insurance damage claims surpassed even the high $ 825 million index.
Alarming as it is, the fact that standard home owner insurance can cover this type of peril up to the limits of the particular policy provides a form of peace of mind to those thinking individuals that are concerned about disasters like a lighting strike.

Losses associated with lightning may incorporate the following:

• Damages related to personal property, including things like electronics and appliances

• Structural as well as damages on property that were caused by a fire sparked by a lightning's direct strike

The issues involving lightning strikes are not resigned only to the above information. Read on for a summary on further related matters.

Additional Matters regarding Lightning Damages Coverage to Know

Electrical surges that are caused by a lightning strike may significantly damage connected personal electronic equipment. Possible losses can run into reach immense financial proportions in today's society where electronics is an investment most make. Because insurance payment is based on the actual cash value, equivalent to the present day price for similar items, reduced by depreciation, it may be worth the while of someone in a high frequency lightning occurrence to add replacement cost coverage to their home insurance policy.

Insured homeowners are advised to read through their homeowners' policies to see if additional living expenses are included in coverage. If a related fire makes a home unfit for occupancy while it is being repaired or rebuilt, such coverage will pay for temporary comparable housing accommodations.

Insurance experts also have another underscored recommendation for the homeowner: make sure to draft a comprehensive list of all the items in your home so that in the event of a related claim, there will be less complications to the process.
Just as every face in a household differs in its uniqueness, so does every home owner's exposure to perils. Let an experienced independent agency navigate your homeowners insurance so you know you will have coverage for your individual needs and requirements.

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Homeowners Insurance Policy Quote Guide: What You Need to Know About Standard Coverage and Add-Ons

While you might not necessarily “legally” have to have home insurance, there is really no good reason NOT to have at least some type of coverage. After all, for the average person, their home is the most important asset – even more so than any vehicle. Even if you’ve already paid off your mortgage, it’s still in your best interest to search for the ideal homeowners insurance policy quote.

The basic components include coverage for the home and structures (electrical wiring, heating, plumbing fixtures, external fixtures, and so forth) as well as contents (furniture, electronics, clothes, plants, etc… ) What is it all protected from? This varies from policy to policy. However, it typically protects from common threats such as fire, theft, and water damage. There are certain regional threats that might require coverage, such as hurricanes, earthquakes, heavy snow, or tornadoes.

Since even small streams could potentially become ranging rivers if there is enough rain and melted snow, flood insurance is quite common in most areas as well.

The most effective way of doing research and finding home insurance is by going online and comparing quotes. Find out if you are eligible for any discounts and read reviews on various companies. Before selecting any specific homeowners’ insurance policy quote, make sure it to read everything carefully. You should know exactly what it covers and what it does not cover.

What Should Your Homeowners Insurance Policy Quote Include

Just like any other type of insurance, it’s not a good idea to select a particular quote just because the payments are low. What about the deductibles? How much will it actually cost to make particular repairs to your home? Or replace valuables? What if you lose your entire house and have to have it rebuilt? Even if the chances of your house being utterly destroyed are low, that doesn’t mean it won’t ever happen. Ask anybody who has ever suddenly become homeless overnight due to a flood, fire, or tornado.

Speaking of homelessness, some home insurance policies will cover the costs of staying for somewhere else temporarily, such as a hotel room, in the event that your home is damaged and has to be remodeled.

There are some standard homeowners policies that cover the homeowners whenever they are facing lawsuits related to any damage or bodily injured caused by you, other inhabitants of your property, or your pets.

Weigh in on the both the market value and actual cash value of your home, property, and contents when looking for a homeowners insurance policy quote. Always begin your search with Lemonade Insurance if you live in one of the states in which it is available. Lemonade is known for its transparent policies, affordable insurance, and fast claims processing.

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