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INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org
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NEW YORK, January 27, 2011 鈥 As high winds, snow and other blizzard conditions hammer much of the East Coast, reporters with questions about insurance coverage should contact the Insurance Information Institute (I.I.I.).
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Winter storms are the third-largest cause of
catastrophe losses, behind only hurricanes and tornadoes. From 1990-2009,
winter storms resulted in about $25 billion in insured losses, according to ISO. Insured annual U.S. winter storm losses in 2010 totaled $2.6 billion, the highest losses from this peril since 2003, according to a January 2011 analysis by Munich Re.
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The I.I.I. offers the following information on insurance coverage for winter storms:
Auto Policies
- Car crashes between two or more drivers caused by snowy and slippery roads are covered by liability insurance. A car that crashes into an object would generally be covered under the optional collision portion of an auto policy.
- Physical damage to a car caused by heavy wind, flooding or fallen ice or tree limbs is covered under the optional comprehensive portion of an auto policy.听听
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Homeowners Insurance Policies
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- 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 or freezing rain that gets into the home because it was damaged by wind 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 trees 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, a condition where water is unable to drain properly through the gutters and seeps into a house causing damage to ceilings and walls, is 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 the pipes and drains.
- Melting snow that seeps into a home from the ground up 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. Damage caused by flooding is not covered by standard homeowners or renters insurance policies.
- Standard homeowners policies also include additional living expenses in the event that 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.听
鈥淐onsumers who need to file an
insurance claim should contact their insurance agent or company representative as soon as possible,鈥 said Worters. 鈥淟et your agent know the extent of the damage and then start to document your loss with lists, receipts or photographs. If you have a
home inventory, now would also be a good time to access it.鈥
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For more information on winter storms, including the 15 costliest U.S. winters by insured losses, go to I.I.I.鈥檚
Facts and Statistics.听
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For a related podcast and video on how to file an insurance claim, go to
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Information on how to prepare your home against winter-related damage can be found at the
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THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038, (212) 346-5500
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