"It's the most commonly misunderstood aspect of homeowners, property, and casualty insurance," says Gregg Barrett, CEO of WaterStreet, Kalispell, MI. "Standard policies typically don't cover flood damage, which can be a devastating realization after the fact, and we're going to see that play out in the aftermath of Helene. Many of those impacted may discover that they're not covered and must rebuild at their own cost."
"It's important to read the fine print and understand exclusions, especially for natural disasters like floods, earthquakes, or even certain types of water damage from plumbing issues," says Barrett. "If you have any questions, ask your insurer to go into detail about what your policy does and doesn't cover, and adjust your policy accordingly."
"Carefully read through your policy documents... and check coverage limits," Barrett advises. "You should be prepared for anything given today's unpredictable extreme weather."
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