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Several insurance policies needed to cover property

Posted On Tue, November 2, 2010

A major storm can destroy a building in an instant. That is why it's important for people to have home insurance.

A home insurance policy can help a family rebuild their lives should a natural disaster strike. It's important, however, for people to be sure they know exactly what is covered under their plan. Too often people don't know the extent of their insurance until it's too late.

Insurance Information Institute senior vice president of public affairs Jeanne Salvatore says some property damage can be covered by a car insurance plan.

"Damage caused by wind is generally covered under standard home and business insurance policies, as well as the under the optional comprehensive portion of an auto insurance policy," says Salvatore. "Flood damage, however, is covered by the federal government's National Flood Insurance Program and by some private insurance companies."

Recently, California Insurance Commissioner Steve Poizner urged residents to prepare for natural disasters with insurance. He noted that scientists say it's only a matter of time before an earthquake strikes. In such a case, earthquake coverage would be needed to cover losses.

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