It’s important that you have insurance if you are a homeowner, but what, exactly, should you get in terms of coverage? Natural disaster damage in New Mexico is covered to some extent by a standard homeowner’s policy – but not all of it. What’s covered, and what’s not?
Your standard Las Cruces, Albuquerque, or Rio Rancho homeowners insurance will cover damage from the following natural disasters:
- Smoke (if, for example, your house is struck by lightning and catches fire)
- Snow, sleet, or ice weight that causes collapse
- Damage caused by freezing to the heating, air conditioning, plumbing, fire sprinkler system, or appliances
What’s not covered
Basic home insurance policies in New Mexico don’t cover the following, although you can purchase additional coverage as needed:
Hurricane coverage is especially important if you live in a hurricane prone area. Although New Mexico is not in direct line for actual hurricanes because it’s too far inland, it is affected by those hurricanes by events like tropical cyclones. Ask your independent agent to help you determine whether or not you need coverage and if so, how much. You may need to purchase a separate policy.
Mudflow damage and damage caused by floods is NOT covered by your basic policy. In addition, you can and should purchase flood insurance if you don’t have it, but you can only get this insurance coverage from the National Flood Insurance Program, which is government-operated.
- Most water damage
Although water damage is covered in specific events as described above, it is NOT covered by a standard homeowner’s policy for other situations. For example, you are not covered if your septic system overflows or backs up. You can add a rider that will give you additional coverage for this type of separate loss.
Getting enough coverage
Although a standard homeowner’s policy will cover you for the events above, you must make sure that you have enough coverage so that you can repair or replace everything at current prices. Ask your independent agent to help you construct a policy that will provide true protection.