Despite diligent preparation, damages can still occur. Insurance can help residents pick up the pieces. Homeowner and renter insurance protects residents in the event of damage from wind, fire, or theft, however water damage falls under flooding and is only covered by separate flood insurance, says Michael Barry, a spokesperson for the Insurance Information Institute (III). The Federal Emergency Management Agency offers flood maps that can help residents determine their flood risk. However even areas that are not prone to flooding can experience atypical rain events, as occurred in Colorado this month.
Residents should be aware that homeowner, renter, and flood insurance plans do not extend to residents' vehicles, Mr. Barry says. Damage caused by fallen trees or flooding of the car falls under comprehensive car insurance coverage.
When damage occurs, insurance companies expect policyholders to report the incident as soon as possible. Storing insurance paperwork together in a safe deposit box or stored electronically can speed the process of filing a claim. Barry recommends that residents take stock of their home and their belongings through photographs or video records before a storm hits. III offers an online database for documenting individual belongings.
