With fire season in full swing on the West Coast and the East Coast bracing for the coldest winter yet, natural catastrophes have become top of mind for both, home and business owners. It is not only essential to have a plan for every type of disaster, but also have an insurance policy in place to cover you when it’s time to pick up the pieces. In this blog we will discuss Catastrophe Insurance, what it covers and how to best fill the gaps in the insurance you currently have in place.
What is Catastrophe Insurance?
Catastrophe Insurance is exactly what you’d expect from the name – insurance coverage for a disaster such as an earthquake, hurricane, flood, etc. The coverage you receive will typically depend on the coverage type, your location’s vulnerabilities to such disasters, and what type of solutions your insurance company offers. While most catastrophes are insurable, you must be wary of those that require separate coverage. The catastrophes that are covered by insurance include:
Filling the Gaps with Catastrophe Insurance
It is important to know what your business insurance covers and where Catastrophe Insurance is needed to fill the gaps. Knowing the facts and limitations about your home, business and geography can make all the difference when signing up for your insurance policy. For example, if you’ve purchased flood insurance to cover your home but don’t include personal belongings, you may only receive compensation for your residence. Depending on your scenario, a lack of coverage could be extremely costly for your home or business.
At Colony West, we have years of experience covering catastrophes for our clients. If you are having trouble getting the answers you need regarding your insurance coverage, contact us to detect any limitations in your current policy and see if we have a better solution available for your needs.