December 14, 2022

Does your Wind Insurance Policy Cover Enough?

Check out additional wind coverage that is standard in ICAT’s wind policies.

Hurricanes are becoming more frequent and dangerous. From 1980-2017, the annual average for weather-related events with significant economic impact was around 7.7 events.  In the past five years, that number has exceeded twice the amount to an average of 17.8 events. Wind events make up a significant portion of these events and have steadily increased in frequency and destruction. This could be due to several environmental factors, such as an increase in atmospheric and ocean water temperature, an increase in sea surface temperature and increasing sea levels.

With these catastrophic events on the rise, it is essential to ensure you have the right coverage in the event of a wind disaster. Below are a few things to think about when looking at wind coverage:

Unscheduled Additional Property

Unscheduled Additional Property generally covers the additional property not itemized on the coverage, like clothing, jewelry and smaller electronic equipment. While general property insurance covers the big things, it is crucial to consider coverage for smaller items.

Increased Cost of Construction

This coverage assists the policyholder in making required ordinance and law updates to the property after damage.

Fungus, Wet Rot, Dry Rot and Bacteria

Damages after a wind event far exceed blown roofs and window damage. Fungus, bacteria and dry rot not only pose a structural threat, but they can also cause many health-related issues.

Newly Acquired or Constructed Property Buildings

This coverage protects new construction or newly acquired property under your current policy. If you construct a new building on the insured property location, you will be insured. If you acquire a new building, depending on how you use the space, you may also be covered under the current policy.

Newly Acquired Business Personal Property

This coverage includes new business property, such as office furniture or personal property, either in a newly constructed or newly acquired building or at the existing policy location.

How does your policy stack up? At ICAT, we want to ensure that clients have the right coverage. The above are all included in our base policy. Ready to compare? Check out this brochure. Don’t forget to take a look at additional insurance options! We are always here to answer any questions.