What You Need to Know About Disaster Insurance

Posted August 5, 2017

Oklahoma is susceptible to Mother Nature’s whims more than most other states, with the risk of tornadoes and flooding especially high. For this reason, it is important that as an Oklahoma resident, you invest in insurance coverage that covers damage from extreme weather conditions. Most homeowners assume that their homeowners’ insurance policy covers that type of damage, but this is not the case. If you want to be covered for floods, tornadoes, extreme hail, and other natural disasters common to the area, you need natural disaster insurance. However, before you make the investment, it is important that you understand what, exactly, you are paying for. At The Bennett Law Firm, we have put together this list of 5 things you need to know about natural disaster insurance before making the purchase:

1. You CAN Get Flood Insurance if Your Property Has Been Flooded Before. Despite popular belief, a previous flood is not treated as a preexisting condition, and you can get flood insurance even if past floods have damaged your property, according to FEMA’s National Flood Insurance Program. However, you cannot get insurance if a storm is on the way; you must wait until the storm has passed and then obtain coverage so that you are protected the next time extreme weather hits.
2. The Type of Natural Disaster Matters. A typical homeowners’ policy covers damage from lightning storms, windstorms, and hail, but it does not cover flood damage, water damage, or tornado damage. There are special policies for each of these extreme weather conditions, so determine what conditions your property is at risk for and invest accordingly.
3. Contents Are Not Covered. According to the NFIP, your possessions are not covered by natural disaster insurance. Natural disaster coverage is simply meant to cover damage to your home. If you want to guarantee that your belongings will be replaced or paid for, you should look into personal property coverage.
4. Your Risk Does Not Matter. According to the NFIP, you can still get covered even if you live outside of a flood-plain or in an area that has a low to moderate risk of flooding.
5. Areas Below the Lowest Elevated Floor Are Covered Differently. Basements, crawl spaces, enclosed areas at ground level and below the lowest elevated floor, and walk out basements are not fully covered as is the rest of your home. For a full list of what is covered and what is not in these areas, review page four of the NFIP.

Consult a Knowledgeable Oklahoma City Flood Disaster Coverage Attorney

If you live in an area prone to natural disasters, natural disaster coverage may be a worthwhile investment. If you already have coverage for floods, tornadoes, high winds, and other extreme weather conditions, and if you filed an insurance claim that was denied, reach out to an experienced Oklahoma City insurance bad faith lawyer. We can review your policy and help resolve your case simply by putting together the right records and the right arguments. For additional advice regarding natural disaster coverage, reach out to The Bennett Law Firm today.