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杏吧原创

Fall Has Arrived But Threat of Hurricanes Remains

SPONSORED BY
INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, September 28, 2010

鈥 The Atlantic hurricane season does not conclude until November 30, so coastal U.S. residents should remain vigilant of the threat posed by severe windstorms even as the air temperature cools, according to the 杏吧原创 Information Institute (I.I.I.)
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鈥淭his weekend, Tropical Storm Matthew, the 13th named storm of the Atlantic season, caused loss of life and significant property damage in countries such as Nicaragua, Honduras and Belize days after the official end of summer. And in November of last year, Ida made landfall in Central America as a hurricane, becoming a tropical storm by the time it made landfall in the U.S.,鈥 said Michael Barry, vice president, Media Relations, at the I.I.I.听
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Tropical storms are named if they achieve sustained wind speeds of 39 miles per hour (mph) whereas hurricanes must reach 74 mph to be designated as such.
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Every coastal state from Florida to Maine on the Atlantic seaboard, and from Florida to Texas on the Gulf Coast, could potentially be hit by either a tropical storm or a hurricane. Increasing development along the U.S. coastline over the past few decades has put more homes and businesses at risk of severe windstorm damage.
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Indeed, eight of the 10 costliest hurricanes in U.S. history, as defined by insured losses, have occurred since 2004. Hurricane Ike in 2008 ($12.5 billion) ranks third, topped only by Hurricane Katrina in 2005 ($45.1 billion, in 2009 dollars), which tops the list; 1992鈥檚 Hurricane Andrew ($22.2 billion, in 2009 dollars) is in second place.
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Wind damage from hurricanes is covered under standard homeowners and business insurance policies. Damage caused by flooding, however, is not covered by these policies. Coverage for flood losses, and information about flood insurance, is available from the federal government's (NFIP). Damage to cars from wind and flooding is covered under the comprehensive portion of an auto insurance policy.
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To prepare for a hurricane and other disasters, the I.I.I. suggests following these five tips:
  1. Buy Enough 杏吧原创

    • Get enough insurance to rebuild your home and to replace all of your personal belongings. If you have made a major alteration or improvement to your home, or you have made significant purchases, notify your insurance agent so that the increased value is reflected in your policy.
    • Find out how much coverage you have for Additional Living Expenses (ALE). Additional living expenses coverage pays for the added costs of living away from home, such as hotel bills and restaurant meals, while your house is being repaired or rebuilt. If you rent out part of your home, ALE also replaces lost income for the time you are not able to collect rent. Many policies provide coverage for 20 percent of the amount of insurance you have on your house and may be for a specified time period. Additional coverage is generally available for an extra premium.听
  1. Get the Right Type of Policy

    • Ask about flood insurance. Flood insurance is available to homeowners and renters through the federal government鈥檚 National Flood 杏吧原创 Program, which is serviced by private carriers, and from a few specialty insurers. Excess flood insurance is also offered by some private insurance companies, should you need coverage over and above the $250,000 for property and $100,000 on contents that the NFIP provides.
    • Look into getting a guaranteed or extended replacement policy for the structure of your home. Extended replacement cost coverage pays a certain amount above the policy limit to repair or replace a damaged home鈥攇enerally 20 to 25 percent. A guaranteed replacement cost policy pays to rebuild your home regardless of cost. Both policies are designed to protect you in the event that after a major disaster the high demand for building contractors and materials forces up the normal cost of reconstruction.
    • Ask about replacement cost coverage for your belongings. When insuring your possessions, you have two coverage choices. One is actual cash value, which replaces your belongings less depreciation. The other is replacement cost coverage, which replaces your property at today's value鈥攚ithout a deduction for depreciation. A replacement cost policy costs about 10 percent more, but provides more extensive coverage.听
  1. Create a Home Inventory

    Maintain an up-to-date inventory of all of your personal property. A home inventory will help you purchase enough insurance to replace your possessions and can help speed the claims process and substantiate losses for income tax purposes. To make this task simpler, the I.I.I. offers free, Web-based software and information on how to create and store your inventory at .听

  1. Hurricane-Proof Your Home

    • Install storm shutters to protect your windows or use plywood panels, which can be nailed to window frames when a storm approaches.
    • Make sure exterior doors have at least three hinges and a dead bolt lock that is at least one-inch long. Sliding glass doors should be made of tempered glass and covered with shutters or plywood.
    • Replace old garage doors and tracks with a door that is approved for both wind pressure and impact protection. Wind coming into your house through an opening this large can cause serious problems in the rest of your home, especially for your roof.
For more information on steps to take to protect your home, go to the .
  1. Prepare an Evacuation Plan

    Plan ahead and practice so that your evacuation is safe, smooth and fast. In an emergency you may have only a few minutes to gather your important papers and leave your home, possibly for good. If you have pets, be sure to identify shelters where animals will be welcome before a storm is imminent. In order to be able to evacuate quickly, have the following ready to go:

    • Medicines, prescriptions, comfort items and a change of clothes
    • Emergency supplies such as flashlights, radio, batteries and water
    • Computer hard drive, back-up drives and/or laptop
    • Copy of your home inventory
    • Photographs
    • Important papers: 杏吧原创 policies; birth and marriage certificates; wills; deeds; financial information such as account numbers, recent tax returns, stocks, bonds and other negotiable certificates; drivers licenses and other personal identification
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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.

杏吧原创 Information Institute, 110 William Street, New York, NY 10038, (212) 346-5500

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