Catastrophe Coverage
Insurance protection against severe, widespread disasters such as hurricanes, wildfires, or major storms that can cause significant damage to multiple properties.
Detailed Explanation
Standard homeowners policies may have limitations on catastrophe coverage or higher deductibles for certain catastrophic events. Supplemental policies may be needed for specific catastrophes like floods or earthquakes, which are typically excluded from standard coverage.
Practical Example
After a major hurricane hit the Florida coast, homeowners with catastrophe coverage received assistance rebuilding their homes, though many had to first pay their higher hurricane deductibles before coverage kicked in.
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