Disaster insurance, also known as catastrophe insurance, can protect residences and businesses against natural and human-made disasters.Likewise, homeowners insurance can come with several types of coverages that can protect the properties from naturally occurring disasters as well as some artificial ones. That said, damage or loss from certain events are generally excluded from those policies.
Unlike all perils policy that covers all the risks (excluding nuclear disasters or acts of war), disaster insurance provides reimbursements in case of natural disasters that are common in the region you live in. Standard coverage for both natural and artificial disasters can be different, depending on where you live. As a rule, normally you can expect coverage for damages from:
There are many exceptions to these policies. For example, organizations such as NFIP may require a 30-day waiting period from the date of policy purchase before the flood insurance takes effect. The hazard, or catastrophe insurance, on the other hand, often comes as a part of a general homeowners policy and can provide cover against “acts of God” such as volcano eruptions, lightning, tornadoes, and hurricanes.
Disaster insurance is not cheap and premiums for natural disaster coverage will depend on a variety of different factors starting from your geographical location, average prices on homeowners insurance in your area, and the likelihood of a disaster close to your residence or business you want to insure. Typically, an average premium amount for natural disaster insurance fluctuates from $500 to several thousand dollars per year. Similarly, the general homeowner’s insurance policy price can differ from state to state for the same reasons.
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