Hail damage can be a significant issue when it comes to home insurance. Many people are unsure if hail damage is covered under their policy and end up paying out of pocket for damages that could have been reimbursed.
Generally, hail damage is covered under most home insurance policies. However, there are a few things to keep in mind. First of all, the damage must be accidental and not the result of neglect on your part. Secondly, the damage must be reported to your insurer as soon as possible. Finally, you may need to prove that the damage was caused by hail. Contact your insurer for clarification if you are unsure whether or not hail damage is covered under your policy. They will be able to tell you what is and isn’t covered under your specific policy. And remember, if you do experience hail damage, don’t hesitate to file a claim. It’s better to be safe than sorry!
What Is Hail Damage?
Hail damage is damage that is caused by hail. Hail is a type of precipitation that occurs when ice crystals form in the atmosphere and fall to the ground. It is usually small but can grow to be quite large. Hail can cause a lot of damage, both to property and people.
Statistics of Hail Damage in Canada
Severe weather events are becoming more common, severe, and expensive across the country. It’s hail season in Alberta and the Prairies from June to September. Hail, heavy rains, and strong winds threaten properties in these areas. The hailstorm in Calgary resulted in over 70,000 claims and $1.3 billion in insured damages. Personal property and automobiles accounted for most insured damages, with business property accounting for a smaller percentage. It was Canada’s most expensive hailstorm and the world’s fourth most expensive natural disaster.
According to a new benefit-cost analysis report from the Institute for Catastrophic Loss Reduction, annual hail damage in Canada has averaged $400 million per year since 2013. Impact-resistant asphalt roof shingles –a substance that makes them resistant to hail damage — will save more than they cost in many places, including hailstorm alleys, to help decrease future hail claims expenses.
According to ICLR, a 170 m2 impact-resistant roof adds $3,400 to the cost of a roof in Calgary. However, when hail damage claims are factored in, the benefits total $10,000, resulting in a benefit-to-cost ratio of 3:1. The benefit-to-cost ratio approaches 8:1 elsewhere, according to ICLR. “Where it hails almost once a year or more,” the paper says, “the shingles are cost-effective.” “Impact-resistant shingles in Calgary lower the risk of damage by 15 times.” If the roof is damaged, the average repair cost is cut in half.” The loss ratio in hail insurance is 213.8 percent, according to OSFI’s Q4 data for 2021. (Last year, federally regulated P&C insurers incurred $150 million in hail damage claims and received $47.8 million in net hail premiums.) It has only gotten worse since 2020: in the previous year’s Q4 statistics for hail, OSFI had a 386.5 percent claim ratio, and in 2019, it had a 73.3 percent claim ratio, even though OSFI’s figures are relevant to crop hail damage. Since 2013, Canadian insurers have paid out 26,000 hail claims for personal property damage in hailstorms, totaling $370 million in insured loss every year. According to the research, hailstorms “may be unavoidable,” but economic disaster is not.
Types of Insurances you can Claim for Hail Damage
There are a few different types of insurance that you can claim for hail damage. The most common type of insurance that covers hail damage is property insurance. This type of insurance covers damages to your home, car, and other possessions. Another type of insurance that may cover hail damage is health insurance. If you are injured by hail, you may be able to file a claim with your health insurer. Finally, if you experience significant hail damage, you may be able to file a claim with your state’s disaster relief program.
Tips to Protect your House from Hail Damage
Most of us have experienced the inconveniences that inclement weather may bring. Still, hail storms can swiftly escalate into much more than a minor inconvenience. How can people safeguard their properties against hail damage?
- Routinely maintain your property: Ensuring your property is well-maintained is one required method to help prevent hail damage. Trim your trees since untidy tree limbs near your home may be more likely to cause damage to your property during storms with high winds and hail, as branches can crack, break, and fall. Also, if you find any existing roof damage, whether from normal wear and tear or earlier weather events, make sure it is fixed. Hailstorms can exacerbate existing roof damage quickly.
- Invest in a roof that can withstand hail and impacts: If you’re in the market for a new roof, think about getting one that can withstand hail storms and other sorts of impact. These stronger roofs may be more expensive, but they may be worth it, in the long run, to help prevent future storm damage. Investing in a hail-resistant roof will also likely result in a reduction in your home insurance premiums.
- Protect Your Outdoor Furniture: All of that fantastic outdoor furniture you’ve spent so much money on might be costly, so the last thing you want to happen in a hail storm is for it to be damaged or wrecked. When a storm is approaching, do your utmost to secure all patio/outdoor furniture, trampolines, other planters, etc., that could cause or be damaged. Until the storm passes, consider storing these goods in your garage or inside your home.
- Take Care When Using Windows: When a hail storm is forecasted for your area, take extra precautions with your home’s windows. Close the shutters on your windows if you have them. Remember to close all blinds, shades, and curtains on the inside since these coverings can prevent the breaking glass from entering your home. When a big storm passes through, every little bit helps!
- Insurance: Even if you give your property the best security possible, unanticipated situations can arise. There is no way to forecast when a hail storm will strike, and thus damage is unavoidable. If some of your belongings are ruined, insurance can help you prepare financially for the worst.
Make sure you double-check your coverage to determine if storm damage is covered. Roof insurance coverage is another something to think about. It’s better to be too prepared than not prepared enough to prepare for the next major storm.
It’s difficult to predict when the next big storm will hit and how devastating it will be due to the frequent variations in weather patterns. It will most certainly surprise you in any event, and if you have mentally prepared for the worst, you may emerge with the best possible conclusion. Always check the insurance clauses related to hail damages, and if your house gets damaged, report to the insurer and claim your insurance.