Wealth Finance
Are you financially covered for a nuclear power plant accident?
If you live near a nuclear power plant, recent events in Japan may have you wondering whether your homeowners insurance would cover you if a radiation leak makes your home unlivable. The answer is no, according to a recent article on the website Insurance.com.
The story quotes Don Griffin, vice president of personal lines for the Property Casualty Insurers Association of America, who says that all standard home policies exclude damage from nuclear plant accidents.
But it goes on to say that a federal law known as the Price-Anderson Act provides a national insurance policy that reimburses individuals who are hurt or suffer property damage due to accidents involving nuclear power plants, at least until Dec. 31, 2025, when the law is set to expire.
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