I’ll admit, I’m one of those crazy people who thinks climate change is…a real thing. So, I was wondering what property insurance needs we might be overlooking as our environment, um, evolves.
The most obvious to me is that people who didn’t need flood insurance before may need it now. As temps rise, the amount of moisture in the atmosphere is greater, leading to more intense rainstorms. Not to mention rising sea levels in coastal areas.
In Colorado and, well, everywhere, the risk of wildfires is top of mind. Check that you have adequate coverage for fire-related losses, including damage to structures, personal belongings, and additional living expenses incurred during rebuilding.
Most policies include Storm Damage Coverage for things like hail, high winds, and tornadoes. But they can often come with higher deductibles within the policy, so be sure to know your potential out of pocket.
Tree and Debris Removal is usually covered in your homeowner’s policy, but it’s a good idea to see if the coverage is enough. If you have a lot of big trees, those costs really add up.
Sewer Backup Coverage: Severe storms can result in municipal sewer systems getting overloaded. And, really, what is worse than a sewer back up in your home except having to pay for all of the repairs out of pocket.
So, that was a cheerful, and probably not complete list of ways that climate change can cost you money as a homeowner. Be sure to talk to your insurance agent to make sure you are totally covered for big, unexpected weather events. They are becoming more and more expected.
