The Midwest has already been subject to tornadoes and damaging hailstorms this spring. Severe hailstorms in the Lincoln, Nebraska area and tornadoes that killed two people in Oklahoma cost insurers billions of dollars and led to declarations of a state of emergency for 15 counties.
Now, Nebraska Director of Insurance Bruce Ramge is urging consumers to take precautions for future storms and double-check their insurance policies. For insurance agencies, part of this involves reminding clients of what is not covered by their homeowners policies.
Expensive valuables, for example, may need a special policy, says Midwest insurer Farm Bureau Financial Services.
“Don’t assume that your heirloom jewelry is offered the same protection s, say, our couch,” the insurer said. “Limitations may apply, especially to high-value items.”
Additionally, detached properties, mold or a sewer backing may not be covered.
And for consumers who work out of the home, damage to business items or customers on the property must be covered under a separate policy.
“Your typical homeowners policy will protect you if your home is damaged, but it won’t cover everything related to your home-based business,” FBFS said. “What if someone is injured on your property? What if you use your car for purposes related to your business? What if you’re traveling for work?
“If you have a home-based business, there may be more to consider than you think.”
The Midwest is set for low temperatures in the coming weeks, ranging from 27 degrees in Eau Claire, Wisconsin to 35 degrees in Chicago.
