Long gone are the days when we could watch the economy in other continents suffer while we sat immune.
Winter Storms Are the Third Largest Cause of Property Damage
NEW YORK, Feb. 7, 2013 /PRNewswire-USNewswire/ -- With high winds, snow and other blizzard conditions expected to hammer much of the East Coast starting Friday, reporters with questions about insurance coverage can contact the Insurance Information Institute (I.I.I.).
Winter storms are the third-largest cause of catastrophe losses, behind only hurricanes and tornadoes. From 1992-2011, winter storms resulted in about $28 billion in insured losses, according to ISO. Insured annual U.S. winter storm losses in 2012 totaled $38 million, following losses of over $2 billion in 2011, according to Munich Re.
"Standard homeowners policies provide coverage for damage caused by wind, snow, severe cold and freezing rain," said Jeanne M. Salvatore, senior vice president and consumer spokesperson at the I.I.I. "Car accidents caused by slippery road conditions are also covered under standard auto insurance policies."
The I.I.I. offers the following information on insurance coverage for winter storms.
AUTO INSURANCE POLICIES
HOMEOWNERS INSURANCE POLICIES
"Consumers who need to file an insurance claim should contact their insurance professional as soon as possible," said Salvatore. "Let your agent know the extent of the damage and start to document your loss with lists, receipts or photographs. If you have a home inventory, now would also be a good time to use it."
For those who do not have a home inventory, this weekend may be a good opportunity to create one as many people will be home sheltering from the storm. To make creating your inventory as easy as possible, use the I.I.I.'s free Web-based home inventory software, Know Your Stuff® - Home Inventory. The software includes secure online storage so you can access your inventory anywhere, anytime. You can also download the Know Your Stuff app in the iTunes App Store or from Google Play (search for "iii inventory").
For more information, including the 15 costliest U.S. winters by insured losses, see Facts and Statistics: Winter Storms.
For a related podcast and video on how to file an insurance claim, go to Six Steps to Follow When Filing a Homeowners Insurance Claim.
RELATED LINKSIssues Update: No-Fault Auto InsuranceFacts and Statistics: Auto InsuranceArticles: Does My Homeowners Insurance Cover Flooding?; How to Create a Home Inventory
The I.I.I. has a full library of educational videos on its You Tube Channel. Information about I.I.I. mobile apps can be found here.
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
SOURCE Insurance Information Institute