It’s no surprise that the American population has a close eye on climate related risks, but what is surprising is that though it’s important enough to steal the attention of society, it’s not important enough to purchase disaster insurance. Fifty-Five percent of Americans that were surveyed by The Simple Dollar personal finance website, agree that climate changed has increased the frequency of natural disasters, but 32% of those surveyed say they are not afraid of their property being damaged.
Is there a correlation between age and number of Americans Insured/Uninsured?
Thirty percent of those surveyed disclosed that they had no idea if they were insured or not, and if they were insured they didn’t know the extent of their coverage. The 18-24 age group was mostly likely to say this, but nearly one in three Americans up to age 44 didn’t know if they were insured. The study showed that older age groups tended to be more cautious than the younger ages.
Why is knowledge about coverage essential in owning or renting a home?
Knowing about and purchasing insurance coverage allows peace of mind and security when unwanted disasters occur. Listed below are some helpful coverages that can keep you in the clear during seasons of disaster.
Dwelling Coverage- Standard coverage but can differ from state to state. Typically covers: Fire and smoke damage, wind damage, explosions, vandalism, falling objects, and damage from a vehicle and/or moving objects.
Contents Coverage- Covered items include valuables within the home such as jewelry, furniture, and electronics.
Personal Liability Coverage- Covers bodily injury in case a guest is injured on your property.
Optional Coverage- Usually extra coverage recommended in geographical areas prone to events such as wildfires, floods, earthquakes, etc.
Source: National Association of Realtors Call us at (843) 900-4889
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