A lightning strike to a house may cause major damage or even fire. Standard homeowners insurance covers structural damage caused by lightning and fire. Dwelling losses are settled on a replacement cost basis, which is the amount to rebuild or repair using similar materials. Depreciation (reduction for age or wear and tear) is not a factor. Check the dwelling limit to confirm the structure is properly insured. Choosing a limit below the dwelling's full replacement cost is a problem if a loss occurs. The claim settlement may be much less than the cost of repairing the damage.

Appliances, electronic devices, and other personal belongings may be destroyed by a lightning-related power surge. Traditional policies typically cover personal belongings destroyed by lightning as well. Contents claims are subject to a variety of restrictions outlined in the contract. For example, loss settlements are typically paid on a depreciated basis. Most contracts include limitations on computers, high value items, business property, and more. Insurers offer a variety of add-ons to expand basic contents coverage. Discuss the possibilities with your homeowners insurance agent. Most people own more personal property than they realize. Conduct a room-by-room personal property inventory to confirm the policy provides enough contents insurance. Describe each belonging and include year, make, model, serial number, receipts, photos, and appraisals whenever possible. Compare personal property insurance needs with policy coverages, and make adjustments before a loss occurs.