No matter where you live, you will likely experience at least one natural disaster in your life.
You cant prevent it, but you might be prepared when it happens.
Thats where natural disaster insurance comes into the picture.
Not sure if you need earthquake insurance? Read throughthis checklist from the USGS.
That said, there is no one-size-fits-all version of a homeowners policy.
With that, the cost of the policy can vary widely.
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For example, Pensacola, Florida, has a Not Applicable ranking for avalanche risk.
Some disasters are covered by a regular homeowners policy, and others are not.
What Does Natural Disaster Insurance Cover?
Technically, theres no overarching natural disaster insurance.
Flooding is one common example of this.
Lets take a look at the most often used types of natural disaster insurance and how they protect you.
Tornadoes
Around1,163 tornadoesoccur on average every year, according to the National Weather Service.
Those events account for an average of 64 deaths and 1,500 injuries.
And those tragedies dont even take into account property damage.
Generally speaking, tornadoes are covered by standard homeowners insurance under the windstorm peril.
Its a term companies use for an event that results in property damage.
Damage from rainwater that might blow through a cracked window or door is also usually covered.
But heres where the insurance companies get tricky in regards to hurricanes.
This water can enter homes and cause significant damage, Barrett added.
According toFEMA, just one inch of flood water can cause $25,000 of damage.
If you live in a flood zone, youll want to seriously think aboutflood insuranceoffered by theNFIP.
This separate policy covers your home and your belongings.
Over the last decade, the cost of flood insurance has risen significantly in some areas.
Earthquakes
Bad news, California.
If you live in one of those areas, youll definitely want to investigate earthquake insurance.
Your options would usually include:
Like flood insurance, earthquake insurance is pricey.
Policy Genius says every$100,000 of earthquake coveragewill cost you $500 to $1,000 in annual premiums.
Hail
Heres some good news.
Most homeowners policies do cover hail damage through the dwelling coverage of your insurance.
The caveat here is you might have to pay higher deductibles if you live somewhere prone to hail storms.
Also, like any insurance policy, pay close attention to your deductible amount.
If the deductible is more than the cost of repairs, youll want to pay out-of-pocket.
Wildfire, like human-made fire damage, is typically covered under a standard homeowners policy.
Barrett says homeowners in wildfire-prone areas may have a difficult time getting a policy.
However, you still have options.
One option is theFAIR (Fair Access to Insurance Requirement) plan, available inselect states.
It provides basic coverage for perils like fire and sometimes extended coverage for other hazards.
If youre not sure, schedule a meeting with your insurance agent to find out.
Robert Bruce is a senior staff writer at The Penny Hoarder covering earning, saving and managing money.
He has written about personal finance for more than a decade.
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