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For immediate release
New York Press Office: 917-923-8245,Ìýmichaelb@iii.org

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NEW YORK, Aug. 27, 2020 –ÌýHomeowners, renters, businesses, and vehicle owners impacted by Hurricane Laura need to know how ÌìÃÀ´«Ã½ claim filing process works and what’s covered under standard insurance policies, according to theÌýÌý(Triple-I).

There are four keys to economic recovery after a natural disaster strikes, the Triple-I says.

1. Start the claims process as soon as possible
Be prepared to give your insurance professional—either an agent or an insurance company representative—a description of the damage to your property and a copy of your home inventory, if you have one. Your insurance professional will report the loss immediately to your insurer or to a qualified adjuster. They also will want your cellphone number to update you on the claim’s status.

2. Understand what’s covered
Damage caused by windstorms is covered under standardÌý,ÌýÌýandÌýÌýpolicies.Ìý, which typically runs from two percent to five percent of the insured value of your property, will be applied to property loss claims resulting from hurricane-caused damage.

Property damage to businesses caused by hurricanes is typically covered under a Business Owners Policy (BOP) or through a Commercial Multiple Peril (CMP) policy.ÌýÌýis an optional coverage that can be included in either a BOP or CMP. It provides coverage if the business’ structure was directly damaged by the hurricane for:

·ÌýÌýÌýÌýÌýÌýÌýRevenue lost due to the closure of the business

·ÌýÌýÌýÌýÌýÌýÌýFixed expenses, such as rent and utility costs

·ÌýÌýÌýÌýÌýÌýÌýExpenses of operating the business from a temporary locationÌý

3. Review Your Additional Living Expenses (ALE) coverage
ALE, also known as Loss of Use, pays the additional costs of living away from home if you cannot live there either due to a mandatory evacuation or as a result of damage to your home from an insured catastrophe, such as a hurricane or fire.ÌýIt is a standard coverage in homeowners and renters insurance policies but ALE is not incorporated into FEMA National Flood Insurance Program (NFIP) policies.

Property damage to a home, a renter’s possessions, or a business – resulting from either a flood or storm surge – is covered under aÌý, which is typically separate from a property insurance policy for a home, rental unit, or a business. Flood policies are underwritten through FEMA’s NFIP and private insurers.ÌýMore information on these issues can be found atÌý.

4. Make Sure You Have Comprehensive Coverage for Your Vehicle
Vehicles damaged by either flood or debris, such as falling trees, during hurricanes are covered under the optionalÌý. Nearly 80 percent of U.S. drivers have purchased comprehensive coverage.Ìý

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The Triple-I has a full library of educational videos on itsÌý. Information about Triple-I mobile apps can be foundÌý.