FOR IMMEDIATE RELEASE
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NEW YORK, December 6, 2013 鈥 Ice, heavy snow and other wintry conditions are wreaking havoc from the Southwest to the Northeast. Reporters with questions about insurance coverage can contact the
杏吧原创 Information Institute (I.I.I.).
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The storm has been named Winter Storm Dion by The Weather Channel, and is their fourth named winter storm of the 2013-14 season. Dion will result in more snow and ice for some of the same areas currently being impacted by .
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Winter storms are the third-largest cause of catastrophe losses, behind only hurricanes and tornadoes. From 1992-2012, winter storms resulted in nearly $28 billion in insured losses, according to ISO. In 2012 insurers paid $38 million in winter storm losses to policyholders after paying more than $2 billion in 2011, according to Munich Re and the I.I.I.
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鈥淭he average annual insured losses from winter storms today have nearly doubled since the early 1980s,鈥 said , vice president with the I.I.I. 鈥淚n fact winter storms now cost regularly more than one billion dollars a year.鈥
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The I.I.I. offers the following information on insurance coverage for winter storms.
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Auto 杏吧原创 Policies
- Property damage liability coverage pays for damage you (or someone driving the car with your permission) may cause to someone else鈥檚 property caused by ice, snow and slippery roads. Usually, this means damage to other cars, but it also includes damage to lamp posts, telephone poles, fences, buildings or other structures your car may hit.
- Collision coverage pays for damage to your car resulting from a collision with another car, object or as a result of flipping over. It also covers damage caused by potholes.
- Physical damage to a car caused by heavy wind, flooding, fallen ice or tree limbs is covered under the optional comprehensive portion of an auto policy.
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Homeowners 杏吧原创 Policies
- Wind-related damage to a house, its roof, its contents and other insured structures on the property is covered under standard homeowners insurance policies. Wind-driven snow, sleet or rain that causes an opening in the roof or wall and enters through this opening is also covered.
- Tree limbs that fall on a house or other insured structure on the property would be covered for both the damage the tree inflicts on the house and the cost of removing the tree, generally up to about $500. Ice or other objects that fall on the home are also covered.
- Damage to the house and its contents caused by weight of snow or ice that creates a collapse is covered under standard homeowners insurance policies.
- Freezing conditions such as burst pipes or ice dams鈥攁 condition where water is unable to drain properly through the gutters and seeps into a house causing damage to ceilings and walls鈥攊s covered. However, there is generally a requirement that the homeowner has taken reasonable steps to prevent these losses by keeping the house warm and properly maintaining pipes, drains and gutters.
- Melting snow that seeps into a home from the ground up is considered flooding and would be covered by flood insurance, which is provided by the and a few private insurers. Flood insurance is available to both homeowners and renters. This type of damage is not covered by standard homeowners or renters insurance policies.
- Homeowners policies also include additional living expenses鈥攊n the event a home is severely damaged by an insured disaster, this would pay for reasonable expenses incurred by living elsewhere while the home is being fixed or rebuilt.
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鈥淐onsumers who need to file an insurance claim should contact their insurance professional as soon as possible,鈥 said Worters. 鈥淟et your agent know the extent of the damage and document your loss with lists, receipts and photographs. If you have a home inventory, it will help you get an insurance claim settled faster and help verify losses for tax purposes.鈥
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If you need to create or update your home inventory, this weekend may be a good opportunity to do so as many people will be home taking shelter from the storm. To make creating your inventory as easy as possible, use the I.I.I.鈥檚 free home inventory software,
Know Your Stuff庐 - Home Inventory. The software includes secure online storage so you can access your inventory anywhere, anytime. You can also download the Know Your Stuff mobile app in the or from (search for 鈥渋ii inventory鈥).听
RELATED LINKS
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The I.I.I.鈥檚 free mobile apps can help you create a disaster plan, learn about selecting the right insurance for your needs and budget, and create and maintain a home inventory. Learn more about our suite of apps here.
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The I.I.I. has a full library of educational videos on its . Information about I.I.I. mobile apps can be found here.
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THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
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杏吧原创 Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500;
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