PROTECTING YOUR ASSETS: Insurance and Snow Storm Preparedness

On November 29, 2024, Erie, Pennsylvania had a record-breaking snowfall; 22.6” of snow in a single day! The previous record was set in 2017 with 21.8” of snow. If you’re in northwest Pennsylvania, parts of this information may still be timely. Otherwise, it is wintertime and a great time to assess the various insurances discussed here that you might already have or may want to consider obtaining.

As in northwestern Pennsylvania, snowstorms are a natural part of winter in many regions. These powerful weather events can result in significant damage to homes, vehicles, and businesses, leaving individuals and families with hefty repair bills. Fortunately, insurance policies tailored to your needs can provide financial protection and peace of mind.

Common Risks Associated with Snowstorms include

• Structural Damage: Heavy snow and ice can lead to roof collapses, broken gutters, and damaged siding.
• Frozen Pipes: Prolonged freezing temperatures can cause pipes to burst, resulting in water damage.
• Vehicle Damage: Snow and ice on roads often lead to accidents, and falling branches or ice can damage parked cars.
• Power Outages: Ice storms can bring down power lines, leaving homes and businesses without electricity.

Insurance Policies to Consider

Homeowners Insurance

Covered Perils: Most standard homeowners insurance policies cover damage caused by snowstorms, including roof collapses, water damage from ice dams, and broken pipes.

Additional Living Expenses (ALE): If your home becomes uninhabitable due to storm damage, ALE coverage helps pay for temporary living arrangements.

Auto Insurance

Comprehensive Coverage: Protects against non-collision damage, such as a tree branch falling on your car.

Collision Coverage: Covers damage resulting from accidents on icy roads.

Roadside Assistance: Helpful for situations where your car is stuck in the snow.

Business Insurance

Commercial Property Insurance: Covers physical damage to your business property due to snow, ice, or freezing temperatures.

Business Interruption Insurance: Provides coverage for lost income if a snowstorm forces your business to close temporarily.

Workers' Compensation Insurance: Ensures employees injured while working in snowy or icy conditions are covered.

Flood Insurance

Snowmelt can lead to flooding, which is typically not covered by standard homeowners insurance. Separate flood insurance may be necessary to protect against this risk.

Steps to Minimize Risks Before a Snowstorm

While insurance can provide financial protection, taking proactive steps can reduce the likelihood of damage:

• Inspect Your Roof: Ensure it can handle the weight of heavy snow and ice.
• Insulate Pipes: Prevent freezing and bursting by insulating exposed pipes.
• Clear Gutters: Remove debris to prevent ice dams.
• Stock Emergency Supplies: Have flashlights, batteries, and non-perishable food ready for potential power outages.
• Drive Carefully: If driving is unavoidable, ensure your vehicle is equipped with snow tires and an emergency kit.

Filing a Claim After a Snowstorm

If your property or vehicle is damaged during a snowstorm, follow these steps:

• Document the Damage: Take photos or videos of the affected areas.
• Contact Your Insurer: Notify your insurance company promptly to begin the claims process.
• Prevent Further Damage: Make temporary repairs to prevent additional issues, such as covering a damaged roof with a tarp.
• Save Receipts: Keep records of repair costs and other expenses related to the storm.

Conclusion

Snowstorms are unpredictable, but with the right insurance coverage and preparation, you can protect your home, car, and business from their potentially devastating effects. Review your policies regularly and consider additional coverage where necessary to ensure you’re adequately prepared for winter’s challenges. In the meantime, Seal Solutions will remain hunkered down until the city’s state of emergency is lifted.

Stay safe!