How to verify your home insurance is updated earlier than the winter climate strikes – FOX43.com
A study by MoneyGeek found that winter insurance losses have more than quadrupled over the past 20 years due to events like heavy snowfall, ice storms, and more.
LANCASTER, Pennsylvania – Winter weather can bring a variety of hazards that can cost you money. From snowfall to ice events, high winds, and more, these events can get costly for your home.
According to a study by MoneyGeek, winter damage has more than quadrupled in the last 20 years.
"We had found that in 2020, high winds, heavy snowfall, deep freezing … these types of elements had caused insured losses of more than $ 1 billion," said Mark Fitzpatrick of MoneyGeek.
“This is your home, many people's greatest investment. Make sure your insurance covers you in full, not just part of the way. "
In the first half of 2021 alone, insured losses nationwide rose to a record of $ 15.1 billion.
To ensure that you are properly covered before a winter event, Fitzpatrick suggests looking at two things, the first being your home coverage.
"You want to make sure you have enough coverage to be able to fully repair your home if, for example, a devastating fire or a major leak has broken out … a noxious winter storm," says Fitzpatrick.
The second important part of your insurance coverage is your personal property protection.
"If you're someone who has a lot of valuable items, a lot of items that you value, you may want to increase this protection to personal property based on how much you own," said Fitzpatrick.
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Another aspect of your insurance cover is your personal injury liability.
"If you are talking about this liability insurance, right, slips and falls, it's probably one of the most common things that can happen in a home that could injure someone," said Fitzpatrick.
He went on to explain that this is "much more likely in winter than in summer".
Of course, increasing your insurance coverage also increases your monthly payment, so this is a calculation and risk that you need to be comfortable with.
There are also things you can do to modernize your home to avoid insurance claims and financial losses. This includes insulating your pipes, protecting your home from the weather, and inspecting your heating appliances.
Keep up to date with the latest Weather Smart forecast here.