Catastrophe insurance covers a wide array of natural and man-made disasters. The rare events covered in these insurance policies are generally not common enough to be included in homeowners’ insurance.
However, these low-probability disasters can and tend to cause extremely devastating amounts of damage to many people at once. Catastrophe insurance claims can cover a variety of things. A general catastrophe insurance policy could include coverage for the following:
Someone looking to purchase a catastrophe insurance policy could choose to get one that covers a variety of catastrophic events or specific ones. Some common types of specific-catastrophe policies are flood insurance and earthquake insurance.
Hazard Insurance is also similar to catastrophe insurance, but it excludes man-made disasters such as terrorist attacks and riots. It may cover all or only some natural disasters.
Homeowners insurance generally does not cover any of the disasters in the list of catastrophic disasters above. Most notably, homeowners’ insurance policies rarely cover earthquakes and floods, which leaves many victims uninsured each year.
The reason homeowners insurance policies do not include these events is because they are hard to predict and the damages are hard to estimate. There aren’t very many people who would invest to protect themselves from events that are rare.
When a catastrophic disaster hits, it is imperative that you keep all of your receipts and bills in order to gain the most complete financial compensation from your catastrophe insurance claim. These events typically require several immediate/temporary repairs and may even cause you to relocate.
The catastrophe insurance claims typically cover for moving and living costs if the disaster prevents you from living at home. Make sure that you keep all records of any repairs and moving costs, however, keep in mind that spending more money on temporary repairs will come out of your final settlement.
You will need to record all specific damages to your property and all possessions that were damaged or destroyed. The more documentation that you can provide for your claim on losses, the faster and more accurately you will be compensated. Your compensation will partly depend on whether your policy gives people new replacements for lost items or gives the estimated value of the lost item in cash.
Are you in need of additional information regarding catastrophe insurance claims? Our legal team at KAASS Law would be happy to answer any questions that you have. Give us a call now at (310) 943-1171 for more information.
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