February is the best time to review your homeowners and renters insurance policies. Why? Floods may be on the horizon. What seems like a lifetime ago actually was only eleven months in the rearview mirror. Last March, Nashville experienced that largest natural disaster since the 2010 massive flooding. Without notice on March 3rd, devastating tornadoes ripped through our city resulting in $2.5 billion in damages.
According to the Tennessean, 109 homes were destroyed, 440 sustained significant structural damage, 707 had minor nonstructural damage, and 264 were affected by minimal external and nonessential damage. Music City is still experiencing the rebuild efforts today.
Looking ahead, the influx of new residents to the Nashville area, coupled with tremendous construction growth, will only intensifies future potential damage.
All residents should be intently aware February, March, and April are the peak season for tornadoes in middle Tennessee. With tornado season right on our heels and to protect your assets from this type of damage, you should ensure you have adequate coverage, either through renter’s or homeowner’s insurance. If you already have insurance, you most likely have tornado coverage, but you should review your policy to be sure.
Our best insurance advice for renters and homeowners…
When reviewing your policy, make sure you have sufficient coverage on both the structure and the contents.
Here are some little-known tips when reviewing your respective policies.
Renters Insurance Tips
1. Landlords do not cover your personal property damage.
If the apartment you are renting is destroyed, landlords are typically not responsible for the loss of your personal property. Often, the landlord’s responsibility protects the building itself. Personal property such as TVs, clothing, furniture should be protected by renter’s insurance.
2. You are not covered under your roommate’s policy.
Renter’s insurance only covers the personal property of the policyholder. All separate households within one unit should have their own policy.
Homeowners Insurance Tips
1. Flood insurance typically is not included in standard policies.
If your home gets flooded by a natural disaster, your standard policy may not cover the damages. You should consider a separate flood insurance policy for adequate coverage.
2. Damage from certain natural disasters may not be covered.
Some natural disasters, such as earthquakes or sinkholes, are typically excluded from homeowner’s insurance. However, coverage may apply, if for instance, an earthquake results in a house fire causing damage.
*Additionally, if you have high-value items, such as jewelry, you may need additional coverage riders.
A homeowner’s or renter’s insurance policy does not cover every possible scenario. If your area is prone to certain types of natural disasters, such as tornadoes in middle Tennessee, be sure you discuss this with an agent who understands the insurance landscape in your area.
While we all hope we never see this type of destruction again, we must be prepared. February is an ideal time to review your policy and make sure you are protected.
Receive a renter’s insurance rate quote and compare prices with Progressive Insurance and other carriers.
Montgomery & Associates Insurance & Financial Services is a trusted source in homeowner’s and renters insurance protection in Tennessee and across the nation.
Call for a free rate quote: 855.207.9492