What Is Considered A Catastrophe?
Our Hawthorne insurance provider wants to make sure you’re covered no matter what, so we offer catastrophe insurance to all of our shoppers who want peace of mind when disaster strikes.
A catastrophe, as defined by the Insurance Information Institute, is a natural or man-made disaster that is unusually severe. When insurance claims are expected to surpass $25 million or affect more than a certain number of policyholders, the event is designated as a catastrophe and catastrophe insurance kicks in.
These low-probability, high-cost events are generally excluded from standard hazard insurance or homeowners insurance policies, which makes catastrophe insurance a necessary consideration when you’re deciding how much coverage you need if you live in a high-risk area.
Before purchasing catastrophe insurance, you should read over your homeowners policy to see what is and isn’t included in it. Call your insurance provider if you are unsure of any of the language in your policy.
How Catastrophe Insurance Works
Often, catastrophe insurance claims are submitted by a large number of people at the same time, so insurance companies may need time to sift through all the claims and pay out damages. These longer waiting times are often included in the policy, so just be prepared for that should catastrophe happen.
Hawthorne area shoppers with more questions can check out our catastrophe insurance FAQs to make an informed decision about whether or not it’s right for them, and you can request a quote online if you decide you want to be covered for catastrophes.
Contact us today at (310) 309-1311 with any questions about catastrophe insurance or our entire lineup of insurance products. We’re looking forward to getting you insured for all of life’s ups and downs!