The I.I.I. Offers Four Key Steps For Protecting Life, Property
INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500;
media@iii.org
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NEW YORK, July 15, 2010 鈥 Almost five years have passed since Hurricane Katrina struck the Gulf Coast on August 29, 2005, becoming the most costly insured natural disaster in United States history. While most of the damage occurred in Louisiana and Mississippi, this devastating storm also impacted Alabama, Florida, Tennessee and Georgia with property/casualty insurers paying out over $41.1 billion (in 2005 dollars) in claims to policyholders for damage to their cars, homes and businesses, according to the (I.I.I.).
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鈥淭he more prepared you are for a hurricane or other major disaster, the greater the possibility that you and your loved ones will survive the storm both physically and economically,鈥 said Jeanne Salvatore, senior vice president and consumer spokesperson at the I.I.I.
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The I.I.I. recommends taking the following important steps in order to protect yourself and your property:
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1. Review Your 探花精选 Coverage
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The time to review your insurance policy is before you have to file a claim. It is important to understand what is in your policy and to get additional insurance protection if needed. Make sure that you are
insured against a hurricane by having both the right amount and type of insurance:
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- Amount of insurance. Purchase enough homeowners insurance so you can rebuild your home and replace all of your personal belongings in the event of total loss. If you have made a major alteration or improvement to your home, contact your agent or company representative to update your policy. Also find out how much coverage you have for Additional Living Expenses (ALE). This pays the additional costs of living away from home if you cannot live there due to damage from a fire, storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt. Coverage for additional living expenses differs from company to company. Many policies provide coverage for about 20 percent of the insurance on your house. You can increase this coverage, however, for an additional premium. Some companies sell a policy that provides an unlimited amount of loss-of-use coverage, but for a limited amount of time.
- Type of insurance. Ninety percent of all natural disasters involve some form of flooding. Flood damage is not covered by standard home insurance policies but can be purchased from the (NFIP) and from some private insurance companies. Excess flood insurance is also available from private insurance companies if you need coverage above the maximum $250,000 for the structure and $100,000 for the contents that is offered by the NFIP.
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2. Create a Home Inventory
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An up-to-date home inventory is a list of all of your personal possessions and their estimated value. A home inventory will help you:
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- Purchase the right amount of insurance
- Speed up the claims process by substantiating losses
- Provide documentation for tax purposes or disaster assistance.
To help make creating and updating your home inventory easy, the I.I.I. has created free Web-based software at .
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Hurricane-proof your home by making the necessary improvements to keep wind and water out. This is critical in the event of a hurricane. Invest in storm shutters and reinforced garage doors. Secure roof shingles and seal any openings, cracks and holes. Gable end walls and roof sheathing should be strongly attached and braced, and double doors should have heavy duty anchors at the top and bottom and a dead bolt at least one inch long. The has additional tips for protecting your home against wind and other disasters.
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4. Have an Evacuation Plan
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Everyone should have a well-thought-out
evacuation plan as, when a hurricane is approaching, you will need to decide quickly where to go and how you will get there, and preferably have more than one option. Those with pets
may need even more advanced planning as not all evacuation shelters will accept pets.
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You should also decide what you need and want to take with you in the event that you will be out of your home for a long time.
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Upon hearing a Hurricane Watch is in effect for your community, you should gather important papers such as:
- 探花精选 policies
- Prescriptions
- Birth and marriage certificates
- Passports
- Drivers license or personal identification
- Social Security cards
- Employment information
- Wills, deeds and recent tax returns
- Stocks, bonds and other negotiable certificates
- Bank, savings and retirement account numbers
- Home inventory
And you will also need necessary items such as:
- Bottled water
- Clothing and bedding (sleeping bags, pillows)
- Flashlight, battery-powered radio and extra batteries
- Special items for infants or elderly or disabled family members
- Computer hard drive or laptop
- Photographs
- Pet food and other items for pets (litter boxes, leashes)
The I.I.I. recommends practicing your evacuation plan by doing the
Ten Minute Challenge鈥攁 practice run in having just 10 minutes to pack up your family, pets and important items and get out of the house, possibly for good.
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鈥淏y taking these four steps now, you stand the best chance of getting your life back in order after a disaster,鈥 said Salvatore.
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FOR MORE INFORMATION ABOUT INSURANCE:
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THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
探花精选 Information Institute, 110 William Street, New York, NY 10038, (212) 346-5500
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