Is it Worth Taking Out Storm Damage Insurance?

August 19, 2016

A damaged house roof due to a large tree branchResidents of Perth know all too well how destructive storm damage can be. The bottom line consideration here is that the damage can also be extremely expensive. The general consensus among experts is that storm damage insurance is a straightforward solution for homeowners to possibly serious cost issues.

Do You Really Need Storm Damage Insurance for Your Home?

In big modern cities, many homeowners think home insurance is more useful to cover things like fire and theft than the risk of occasional storm damage. That viewpoint is understandable, but overlooks a few critical points:

  • Storms can do major damage in a few minutes - A storm can completely destroy even a large home. The cost implications for those without insurance are catastrophic.
  • Even minor storm damage can be very expensive – You’ll have seen on TV and elsewhere the effects of strong winds, thunderstorms, flash flooding and other storm damage. Uprooted trees, undermined foundations and leaky roof repairs can send the repair bill into the six-digit bracket quite easily. Not being insured is very much an own goal in those cases.
  • Replacement costs – If your home loses a few windows or roof tiles and suffers exterior and/or interior damage, replacement costs can mount up quite quickly. The damage itself may not be very extensive, but the net cost can be a real problem for those without insurance. These costs are exactly the sort of unexpected hit to the hip pocket nerve most people can happily do without.

Checking Out Your Storm Damage Insurance Options

The good news for consumers is that most storm damage insurance is actually pretty cheap. Unless you need to cover very high-value property on site, you can get a good all-round insurance policy from most major insurers.

Considerations when taking out storm damage insurance include:

  • Actual payout values – It’s a very good idea to check out coverage on a payout dollar basis. Many insurers provide very clear statements of payout benefits for specific types of storm damage. (Check the product disclosure statement with your insurance policy for details.)
  • Keeping your insurance up-to-date – One of the lesser known problems with any kind of insurance is that as property values go up, your coverage may or may not be adequate to meet replacement costs. It’s critically important to make sure that your storm damage insurance is realistic to meet current costs. Modifying coverage values can be done with a phone call.
  • Upgrading existing insurance to include storm damage – This is pretty easy to do. Most insurers will be able to simply modify your current insurance to include storm damage with no fuss at all.

How Professionals Can Help You Assess Your Coverage Needs

Roof repair professionals in Perth know all about insurance work and real costs of storm damage repairs. They can give you a pretty accurate current replacement cost for your roof, for example, and have a meaningful discussion with you about your storm damage insurance needs. Talk to the experts. You’ll be glad you did.