Courtesy of iii.org Hurricane season takes place June 1 – November 30 every year. Don’t wait until after you have a loss to check your insurance—review your homeowners or renters policies to make you have the right coverage in the event you're hit with a destructive storm. Make sure your home's structure has adequate coverage Standard homeowners insurance covers the structure of your house for disasters such as hurricanes and windstorms, along with a host of other disasters. It's important to understand the elements that might affect your insurance payout after a hurricane, and adjust your policies accordingly. Check your homeowners policy limit and make sure the amount is enough to rebuild your home – The cost of rebuilding or extensively repairing a home is dependent on a number of factors—and, remember that the real estate value of a house is notthe same as the cost to rebuild. Therefore, it pays to understand in detail what it will cost to rebuild in the event your …
Hurricanes
Insurance Claims and Irma FAQ
Courtesy of iii.org In the aftermath of Hurricane Harvey and Hurricane Irma, policyholders may have questions about how insurance works following a natural disaster. Here are some answers to many of these common questions. Q. Are flood losses covered under my homeowners insurance policy? A. Standard homeowners and renters insurance policies do not cover flood damage, including damage from a storm surge. Flood coverage requires a separate policy from the federal government’s National Flood Insurance Program (NFIP), or from some private insurance companies. More information about flood insurance. Q. Is property damage from a storm surge considered flood damage? A. Yes, it isand, therefore, storm surge is covered by your flood insurance policy. A standard homeowners insurance policy does not cover damage from floods, such as flooding from a storm surge. Q. What is the “official” definition of a flood? If there is only water on my property in my …
Hurricane Relief by Insurance Industry
Courtesy of iii.org In addition to settling insurance claims the insurance industry is also strongly committed to raising charitable funds for victims of Hurricane Harvey. The Insurance Industry Charitable Foundation (IICF), a nonprofit organization that unites the insurance industry in helping communities and enriching lives through grants, volunteer service and leadership, has established a Hurricane Harvey Disaster Relief Fund to assist victims affected by this catastrophic storm. Within 24 hours of establishing the IICF Hurricane Harvey Disaster Relief Fund, nearly $80,000 has already been committed by those in the insurance industry. John Vasturia, President, Specialty Markets, Munich Reinsurance America and IICF Board of Governors Chair, noted that, “Through IICF, we are able to very quickly unite our efforts in collecting donations, and distribute to local nonprofits in the Texas communities who will be able to help families across the region in a very real and …