Basic homeowners’ insurance and lightning damage

The statistics on lightning strikes are provided by the National Lightning Safety Institute.

Did you know that the likelihood of being struck by lightning is extremely remote—1 in 280,000. But the likelihood of lightning striking a house is much higher: it’s one in 200!

A 2015 report that discovered related insurance damage claims exceeded even the high $825 million index appears to underline the possibility, according to the insurance companies.

Even though it is alarming, the fact that standard homeowner insurance can cover this type of peril up to the limits of the specific policy offers some measure of comfort to those who are worried about events like a lightning strike.

Losses associated with lightning may incorporate the following:

• Damages related to personal property, including things like electronics and appliances

• Structural as well as damages on property that were caused by a fire sparked by a lightning’s direct strike

The problems associated with lightning strikes go beyond the facts mentioned above. For a summary of additional related topics, continue reading.

Additional Matters regarding Lightning Damages Coverage to Know

A lightning strike can result in electrical surges that can seriously harm any connected personal electronics. In the modern world, where most people invest in electronics, potential losses could be of enormous financial proportions. Because insurance payments are based on actual cash value, which is the current market value of comparable goods less depreciation, it might be worthwhile for someone to add replacement cost coverage to their home insurance policy if lightning strikes frequently.

Homeowners with insurance are urged to review their homeowner’s policies to determine whether additional living expenses are covered. Such coverage will pay for temporary comparable housing accommodations if a related fire renders a home unfit for occupancy while it is being fixed or rebuilt.

Another strong suggestion from insurance professionals for homeowners is to make sure to make a detailed list of everything you own so that the process of filing a claim will be as straightforward as possible.

Every home owner’s exposure to dangers is different, just like every face in a family is unique. Give your homeowners insurance to a seasoned independent agency so you can be sure you’ll have coverage for your unique needs and requirements.

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