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Thorough Documentation of Damages Is Key Part of Claims-Filing Process

INSURANCE INFORMATION INSTITUTE
Contact: Press Offices
New York: 212-346-5500; media@iii.org
Florida: 813-480-6446

TAMPA, August 20, 2008 - Standard homeowners and business property insurance policies will cover wind damage from Tropical Storm Fay, with insurers assessing losses and paying claims as quickly as possible, according to the ̽»¨¾«Ñ¡ Information Institute (I.I.I.).

Standard homeowners insurance policies also include coverage for additional living expenses (ALE). This pays the additional costs of temporarily living away from your home if it is uninhabitable due to an insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt. It is important to keep receipts for all of these expenses so that you can supply the information to your insurance company.

With 2.2 million policies in-force, Florida property owners also lead the nation when it comes to covering themselves against flood-related losses, although fewer than half of the owner-occupied homes in the state have flood insurance.

While there is uncertainty regarding Tropical Storm Fay's path, and the possibility remains that it may turn into a hurricane, the I.I.I. offers the following suggestions to policyholders whose properties have already been damaged by the storm.

• Be prepared to give your agent or insurance representative a description of the damage. Your agent will report the loss to your insurance company or to a qualified adjuster who will contact you as soon as possible to inspect the damage. If you have to evacuate, make sure to give your agent a telephone number where you can be reached.
• Take photos of the damaged areas. These will help you with the claims process and will assist the adjuster in the investigation.
• Prepare a detailed inventory of all damaged or destroyed personal property. Be sure to make two copies-one for yourself and one for the adjuster. Your list should be as complete as possible including a description of the items, dates of purchase or approximate age, cost at time of purchase and estimated replacement cost.
• Collect canceled checks, invoices, receipts or other papers that will assist the adjuster in obtaining the value of the destroyed property.
• Make whatever temporary repairs you can. Cover broken windows, damaged roofs and walls to prevent further destruction. Save receipts for supplies and materials you purchase. Your insurance company will reimburse you for reasonable expenses in making temporary repairs.
• Secure a detailed estimate for permanent repairs to your home from a reliable contractor and give it to the adjuster. The estimate should contain the proposed repairs, repair costs and replacement prices.

Serious losses will be given priority. Losses will be adjusted and claims paid as quickly as possible but hardship cases are usually handled first. If your home or business has been destroyed or seriously damaged, your agent will do everything possible to assure you are given priority.

For more information on claims filing, go to:
Settling ̽»¨¾«Ñ¡ Claims after a Disaster
How do I file a homeowners claim?
How do I file a business insurance claim?

For a video podcast, go to Six Steps to Follow When Filing a Claim. It is also available on iTunes in the podcast section by searching for "̽»¨¾«Ñ¡ Information Institute".

For a related video, go to Filing a Claim.

The Institute for Business & Home Safety has information on what homeowners and business owners can do to protect their property against windstorms on their Web site, .

The I.I.I. is a nonprofit, communications organization supported by the insurance industry.