Late-Season Snowstorm Slams Northeast; Damage From Blizzards, Winter Storms Covered By Most Standard Insurance Policies, Says The I.I.I.
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"Mother Nature may be unpredictable, but insurance is not," said HYPERLINK "https://twitter.com/III_SeanK" nSean Kevelighan, CEO of the I.I.I. "Insurance is an important component in the recovery process that helps get people back into their homes, and their businesses up and running."
HYPERLINK "http://www.iii.org/Articles/What-is-in-a-standard-homeowners-insurance-policy.html" nStandard homeowners policies provide coverage for damage caused by wind, hail, snow and ice. Additional living expenses (ALE) would pay for reasonable expenses incurred by living elsewhere while a home is being repaired. The liability portion of a policy provides protection should someone slip and fall on a homeowner's property.
Melting snow that seeps into a home is covered by flood insurance, which is provided by
Auto accidents caused by slippery road conditions are covered under HYPERLINK "http://www.iii.org/Articles/What-is-covered-by-a-basic-auto-policy.html" nstandard auto insurance policies. Damage to a car caused by winter conditions, such as falling ice or a collision with an object, is covered by the optional comprehensive and collision portions of an auto policy.
HYPERLINK "http://www.iii.org/article/understanding-business-owners-policies-bops" nBusiness Insurance policies provide coverage for property damage and losses to inventory. Business income insurance (also known as business interruption insurance) is typically included in a Business Owners Policy (BOP) or a Commercial policy. It provides for revenues lost due to business closure, fixed expenses, such as rent and utility costs, as well as expenses of operating from a temporary location.
Winter storms were the second largest cause of insured
From 1996 to 2015 in the
Keywords for this news article include: Homeowners, Real Estate, Insurance Companies,
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