LANCASTER, Pa. — Winter weather can bring a variety of hazards that could cost you money. From snowfall to ice events, strong winds and more, these events can all become costly to your home.
According to a study by MoneyGeek, winter claim losses have more than quadrupled in the last 20 years.
“We had found that in 2020, high winds, heavy snow, deep freezes... these types of elements had caused more than $1 billion in insured losses," Mark Fitzpatrick of MoneyGeek said.
“This is your home, a lot of people’s biggest investment. Make sure that your insurance is covering you all the way, not just part of the way."
In just the first half of 2021, insured losses jumped to a record of $15.1 billion dollars nationwide.
To make sure that you are properly covered before a winter event happens, Fitzpatrick suggests looking at two things, with the first being your dwelling coverage.
“You want to make sure you have enough coverage that you could fully repair your home if, say there was a disastrous fire, or a huge leak… damaging winter storm," Fitzpatrick says.
The second key part of your coverage is your personal property coverage.
“If you’re someone that has a lot of valuable items, a lot of items you treasure, maybe you want to increase that personal property coverage depending on how much you own,” Fitzpatrick explained.
Another aspect of your coverage to double check is your personal injury liability.
“When you talk about that liability insurance, right, slips and falls, probably one of the most common things that can happen in a home where someone could get hurt," Fitzpatrick said.
He went on to explain that this is "much more likely to happen in the winter than the summer.”
Of course, increasing your coverage does increase your monthly payment, so it is a calculation and risk you need to be comfortable with.
There are also things you can do to update your home to avoid insurance claims and financial losses down the road. This includes insulating your pipes, weatherproofing your home, and inspecting your heating appliances.
You can keep up with the latest Weather Smart forecast here.