The pandemic and the presidential election dominated the news in 2020, but natural disasters also loomed large across the U.S. There were 22 extreme weather events last year, according to the National Oceanic and Atmospheric Administration, including the wildfires that spread across California, the tropical storms and hurricanes that pummeled the Atlantic coast, and a handful of tornadoes. Those disasters left more than $95 billion in damages in their wake, with homeowners and businesses large and small bearing the brunt of the costs. // Many homeowners have misconceptions about what their home insurance policy will cover, leaving them with unexpected expenses when disaster strikes. For example, when Policygenius.com, an insurance comparison website, surveyed homeowners last year, more than 53% of them said they believed that flood damage is covered by a standard homeowners insurance policy. (It’s not.) The survey also found that more than 80% of homeowners mistakenly thought that earthquake damage was covered, too. If you’re at risk for either of those events—or any natural disaster—here’s what you need to know to make sure you’re covered.
FLOODS AND HURRICANES
Certain kinds of water damage are covered by standard homeowners insurance. For example, if your water heater springs a leak or a water pipe inside your house bursts, your home insurance will probably cover the damages after you meet your deductible. (For tips on how to detect leaks early, see page 52.) But if it’s any other type of water event, such as flooding from heavy rainfall or a hurricane, you’re on the hook for the costs to repair the damages.
This story is from the April 2021 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 2021 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
TIPS FOR FINANCING A HOME PROJECT
I recently had a call with a client who was looking to fund the construction of a swimming pool at his house.
MORE WOMEN THAN EVER ARE STARTING BUSINESSES
Retail and travel businesses, along with health, beauty and fitness, are popular with women entrepreneurs.
Finding Home Health Care
It’s important to hire a caregiver you trust.
UNDERSTANDING BOND FUND YIELDS
What's a 30-day SEC yield? A trailing 12-month yield? A yield to maturity? We explain what each measure says about an income fund.
ANSWERS TO YOUR QUESTIONS ON STUDENT LOANS
If you have federal student loans, you may benefit from new government policies. Here's what you need to know.
SHEDDING POUNDS, DELIVERING GAINS
New weight-loss drugs show promise for investors.
My Top 30 Index: An Update
A year ago, I put together what I called \"my own reinvention\" of the Dow Jones industrial average, the popular 142-year-old large-cap index. I called it simply Top 30-\"not a drastic change in the Dow but an updating.\"
Balance Your Risk and Reward
These new ETFs let you cut stock market losses. But you'll sacrifice some gains.
IS A HYBRID CAR RIGHT FOR YOU?
Hybrids offer a fuel-saving option for drivers who have reservations about all-electric vehicles. But there are trade-offs.
DEALS deals DEALS
WHO doesn't love a bargain? We've rounded up great values in investing, shopping, tech and travel-and found ways to cut down on ever-growing grocery and restaurant bills.