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Wind-Related Losses-But Not Those Caused By Flooding-Are Covered Under Most Homeowners Policies, Says I.I.I.

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

NEW YORK, August 19, 2008 - Floridians whose property has been damaged by wind and flooding from Tropical Storm Fay should contact their insurance company immediately, according to the ̽»¨¾«Ñ¡ Information Institute (I.I.I.).

Windstorm damage is covered under standard homeowners, renters and business insurance policies. 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 a fire, severe storm or other insured disaster. It covers hotel bills, restaurant meals and other living expenses incurred while your home is being rebuilt.

Flood damage is excluded under standard homeowners and renters insurance policies. Flood coverage, however, is available in the form of a separate policy both from the National Flood ̽»¨¾«Ñ¡ Program (NFIP) and from a few private insurers. Florida leads the nation in the number of flood policies in-force, according to the NFIP. Yet the 2.2 million NFIP policies sold in Florida represent less than half of the owner-occupied homes in the state.

The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. Excess flood insurance is also available from some private insurers for those who need additional insurance protection over and above the basic policy or whose community does not participate in the NFIP. The comprehensive portion of an auto insurance policy includes flood damage.

For more information on homeowners and flood insurance, visit the or the . The also offers consumer tips for homeowners who are dealing with natural disasters.

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