Windy Destruction: The Basics of Windstorm Coverage
Hurricanes can result in unimaginable amounts of damage. High winds, heavy rains and flying debris result in billions of dollars in damages per year, making it one of the most destructive natural occurrences on the planet. To protect your home or business, you’ll need insurance. “Hurricane insurance”, however, is not the term used for this type of coverage, as it’s too broad. The proper term is windstorm coverage, and in this piece we’ll discuss its importance.
Funds for a Rainy Day
There are 14 counties on the Texas coast where the Texas Commissioner of Insurance has found windstorm and hail insurance to not be reasonably available. The Texas Windstorm Insurance Agency (TWIA) is required by law to transfer their net gains into the Catastrophe Reserve Trust Fund, an account maintained by the Texas Comptroller for payment of future TWIA catastrophe losses.
What Does Windstorm Coverage Protect?
Windstorm insurance from the TWIA will only insure certain properties that meet specific requirements. Personal property, homes and dwellings are eligible for this protection. Swimming pools, flagpoles and fences can also be a part of that protection plan. For those wanting commercial coverage for personal business properties, commercial buildings, townhouses and condominiums, they can also be included in a TWIA protection plan.
How Can I Obtain Windstorm Coverage?
Shepard Walton King has partnered with some of the most respected insurance companies throughout the country, including the TWIA. If you are a resident of Cameron, Willacy or any of the other 12 counties along the Gulf of Mexico, then you may be eligible for windstorm coverage. Another requirement for windstorm coverage is that your building or property must be in insurable condition.
Filing a Claim
Filing a windstorm insurance claim is similar to other claims. When you are ready to report, you will need:
- Your policy number or insurance records.
- A brief description of all damaged goods.
- To provide your contact information.
- Photos or videos of damages. Documentation of what damaged items looked like before the destruction will also help.
- To wait for a representative from your insurance company to contact you. Be prepared to protect your home from any further damage, but do not make any permanent repairs until your insurance provider has reached you.
- Documentation of costs of repairs.
The Experts Weigh-In
Chris Graham talked about why people in certain areas obtain windstorm coverage. “There isn’t a single government agency that requires this insurance, but certain home lenders do require this for a mortgage. If you are purchasing or building a home in a certain area, your home lender could make windstorm coverage necessary.”
Contact Us Today
We know that shopping for a homeowners policy shouldn’t be hard. Whether you are a client of Shepard Walton King or are looking for windstorm coverage, contact our insurance agency in Harlingen today and we will be glad to assist you.
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