What percentage of total losses does disaster insurance wage?
Problem: A $250,000.00 House & Land, 2 cars at $85,000.00 combined, a $40,000.00 boat, a $25,000.00 camping trailer, a $15,000.00 motorcycle, $25,000.00 in furniture, and an more $60,000.00 in various stock and products , for a total of : $500,000.00 in total listed losses from a tornado/hurricane wipe out my real estate property.
What percentage of the property is covered by disaster insurance, generally?
Phil is correct in his answer. I am not sure if you are describing your damages here or your policy borders. You need to check with your insurance policies and company for your policy precincts. The adjuster will determine the amount of damage to each of the items. If they are total losses consequently it will depend on the type of policy you have (Replacement Cost or not). Be aware that if you have a mortgage or loan against any of the property, that loan company will be included on the check that you receive. Good luck and I hope everyone made it out of the disaster locked.
Answers: The cars and motorcycle should be covered underneath their own policies. Depending on the type of boat and trailer, same with them. (If it is a small boat, under $40k, it might own coverage).
What will be covered for your house depends on your policy. If the replacement cost of your house is $250k, and you have $250k of coverage, it will be replaced completely, less your deductible. Most home policies enjoy coverage for personal property (not counting vehicles and large boats) of 50% of the worth of your home. In this case, up to $125k. This seems to be satisfactory to cover your personal stuff.
You need to try to remember what company insured your house and vehicles, and present them a call. Hopefully you were insured up to the importance of your house. If this is the case, you are ok. If you had a house worth $250k but simply had $125 worth of coverage, you would only receive 50% of your damages (since you be only 50% insured).
Good luck.