While some types of insurance coverage can be fairly straight forward, catastrophe coverage requires a bit more finesse. Typically not covered on a homeowner’s or business’ standard policy, there are many things to consider in determining what is needed and what company is best for underwriting it.
Types of Catastrophes
There are two main categories of catastrophes for which people seek coverage:
- Water-based disasters, including floods, hurricanes, and tsunamis
- Earth-based, including earthquakes, landslides, and mudslides
Other specific types that can be included in the policy are tornadoes and volcano eruptions. Where the covered property is located will determine what is advisable to include, as well as dictate the amount of catastrophe coverage necessary.
Securing the Policy
One of the difficulties in getting this type of coverage is the need to get it secured as quickly as possible. As you’re determining the coverage that’s needed, consider also how fast the policy can be underwritten by checking out lists of catcoverage policies that are really all available online.
Catastrophe insurance is a specialized area that takes a lot of time and effort to ensure being up on the most current information, especially because it can vary so much from state to state. Comparing the best options and getting the policy underwritten quickly will help you give your clients great peace of mind.