Once upon a time, we had weather “seasons.” You know, wildfire season out West, hurricane season along the coasts, tornado season anywhere in between. Toss in some softball-size hail in the South … you get the idea.
There was some pattern to watch, some historical data that actually supported what we were seeing and expected to see.
Now, every day, there seems to be the potential for catastrophic damage somewhere from the weather or wildfires.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The Kiplinger Building Wealth program handpicks financial advisers and business owners from around the world to share retirement, estate planning and tax strategies to preserve and grow your wealth. These experts, who never pay for inclusion on the site, include professional wealth managers, fiduciary financial planners, CPAs and lawyers. Most of them have certifications including CFP®, ChFC®, IAR, AIF®, CDFA® and more, and their stellar records can be checked through the SEC or FINRA.
Here’s how you can help protect your home from the storms and other disasters that keep coming — and save some money on your insurance as an added bonus.
1. Protect your home from hurricanes as much as you can
In 2012, Hurricane Sandy, aka Superstorm Sandy, set the record for the largest Atlantic hurricane ever recorded. At its peak, its winds stretched 1,150 miles across.
But it isn’t always about size. Hurricane Katrina, in 2005, was the most devastating hurricane to ever hit our country, with damage costs of about $190 billion and more than 1,800 fatalities.
The damage that hurricanes can do cannot be overestimated. Here are a few things you can do to batten down the hatches:
- Install hurricane shutters or impact-resistant windows
- Secure the roof
- Reinforce entry doors and garage doors
- Trim trees and secure outdoor items
- Clear drainage areas and seal openings
2. Protect your home from tornadoes as much as you can
The May 2011 tornado that struck Joplin, Missouri, caused more than $3 billion in damage and killed 158 people, injuring more than a thousand.
This monster was over a mile wide and ran for a full 22 miles.
Here are five things you can do to be as prepared as you can be:
- Have an emergency kit on hand
- Develop a family communication plan
- Secure your personal property
- Know where in your house or nearby to take cover at a moment’s notice
- Keep the news on and listen to warnings
While we don’t tend to get very much notice for tornadoes, we can still do what we can to have all of our ducks in line.
3. Protect your home from fire as much as you can
From January 7 to January 31, wildfires ravaged Southern California with damages to the tune of $275 billion. These fires took out more than 10,000 structures and killed 30 people.
Wildfires are not just a California thing either. In the past five years alone, more than 30 million U.S. acres have burned.
Here are some things you can do to prepare:
- Create a defensible space around your property
- Harden your home with ember-resistant vents and noncombustible roofs
- Keep important documents in a fire-safe place or off-premises
- Back up all electronic data to a location other than your home
- Follow the most up-to-date building codes to protect against fire
4. Protect your home and other property from hail
Hail happens. Big hail. In 2022 alone, more than $3.5 billion in insurance claims related to hail were filed. We saw hailstorms in Minnesota, Texas, Arkansas, Illinois, Nebraska, Wisconsin, Iowa, Colorado, Oklahoma and South Dakota.
Looking for expert tips to grow and preserve your wealth? Sign up for Building Wealth, our free, twice-weekly newsletter.
Hail is one of those crazy things that can happen fast. It can injure and even kill people, as well as make a real mess of property.
For hail prep, think of these steps:
- Protect vehicles and outdoor equipment (hopefully you have a garage)
- Reinforce the roof and gutters
- Secure windows and cover skylights, if possible
- Keep a first aid kit handy
- Keep a keen ear to the news so you aren’t caught off guard
Now that you have some ideas on how to protect your house, let’s talk about how you may even save money on your insurance premiums.
Remember, you and the insurer are aligned here, you want to avoid a loss, and so does the insurance company, so they will likely be willing to offer you a break in what you are paying them for doing any number of things, including everything we talked about above.
Discounts exist, depending on your state and insurance company, for:
- A stronger roof
- Cleared flammable items and brush
- Smoke alarms
- Sprinklers
- Certain types of windows
- Home bolting and retrofitting
- And more
The best way to find out how much you can save and for what, is to call your insurance agent or broker and ask one simple question: “Please tell me all the discounts that are available for my policy.”
Then you can see what you can do, or what you have done, that counts as a premium-reduction discount.
Don’t ask, “How about this?” or “How about that?” Ask for the entire list and go through it. Your wallet will thank you.
Want to learn more about insurance? Visit KarlSusman.com.
Related Content
- What Is Insurance Good For? Let Us Count the Ways
- I'm an Insurance Expert: This Is How You Get the Right Insurance Coverage at the Right Price
- Four Reasons It May Be Time to Shop for New Insurance
- How to Balance Your Insurance Expectations vs the Reality
- Are You Tempted to Drop Your Homeowners Insurance?
-
Denmark Raised the Social Security Age to 70. Should the US Do the Same?Social Security is facing a shortfall. One idea is to raise the retirement age, as Denmark did recently, but would it work in America?
-
Californians to Save Thousands on Property Tax with New 2025 SALT DeductionTax Breaks The federal state and local sales tax (SALT) deduction cap is higher this year, and could translate into bigger savings for Golden State homeowners.
-
5 Ways Portfolios Have Been Impacted In Trump's First Six Months in OfficePresident Trump's first six months in office have kept investors on their toes thanks to whipsaw tariff policies and a massive tax cut and spending bill.
-
We Check on Our Favorite Bond Funds Amid Tariff VolatilityBond volatility has ramped up amid debt and inflation worries. Most of our top bond ETFs are outperforming, while one laggard presents a unique opportunity.
-
Are You a Doormat at Work? The Hidden Cost of Excessive People-PleasingI talked to the author of the upcoming book 'Fawning,' and she explains how the 'fawn' response can lead to blurred boundaries, difficulty asserting needs and a loss of self, with serious emotional consequences like anxiety and PTSD.
-
A Guide to Personalizing Your Retirement Plan for Maximum ImpactThis strategy challenges conventional retirement rules of thumb by combining traditional savings, home equity and annuities to provide higher income and liquid savings and help cover long-term care costs.
-
How Advisers Can Rev Up Sales With MedicareHelp boost your revenue stream by integrating Medicare solutions into your financial practice for long-term client value and profits.
-
Stock Market Today: S&P 500 Hits High After Verizon EarningsThe Nasdaq also notched a new high on Monday, while the Dow finished with a marginal loss.
-
I Live Next to a Costco Business Center. Here Are 5 Things You Won't Find at a Costco WholesaleYou don't need to own a business to shop at a Costco Business Center. Here are five reasons to visit the one near you.
-
The Five Most Expensive States For Retirees (And How Much Extra You Need)Outliving your retirement savings is a real fear, especially if you live in these four states and Washington, D.C.
