Hurricane Season Flooding Can Wipe out Homes and Businesses, Cause Devastating Loss of Personal Property
August 20 2015 - 4:30PM
Business Wire
There’s one certainty about hurricane season in the U.S. -
expect the unexpected.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20150820006037/en/
Damaged homes along the beach in
Mantoloking, N.J. (Photo by Wendell A. Davis Jr./FEMA)
Although it’s been a decade since Hurricane Katrina slammed the
Gulf Coast, and a year since Hurricane Arthur hit North Carolina in
July 2014, homeowners need to remain vigilant about protecting
their lives and property.
“Consumers should understand that although they may not be along
the coast, the effects of a hurricane can cover a vast area.
Homeowners and renters alike should make sure they have appropriate
insurance coverage to protect what matters most,” says Gene
Mergelmeyer, president and CEO of Assurant Specialty Property.
A hurricane need not reach Category 5 status to cause
devastation - in 2012, Superstorm Sandy killed 125 people, caused
$62 billion in damages and created 14-foot storm surges in New York
and New Jersey. Even a common rainstorm can drench homes and
destroy belongings. While standard insurance policies typically
cover such perils as fire, theft, tornadoes and lightning, many
exclude flooding, which can be extremely costly.
“Flooding is the most common natural disaster in the U.S., but
it’s not always covered, and people don’t realize it until it’s too
late. So it’s a good idea to ask an insurance agent about
federally-guaranteed flood coverage,” Mergelmeyer says.
The Insurance Information Institute offers a Hurricane Season
Insurance Checklist that walks consumers through a series of
questions to determine if they have adequate coverage. Among the
things policyholders need to know:
- Whether current insurance coverage is
sufficient to rebuild a home
- The value of personal possessions
- The amount of coverage available for
additional living expenses if a home is uninhabitable
- The deductible for hurricane and wind
damage
- Which disasters are covered by
insurance
While flood damage can result in substantial financial losses,
consumers in participating communities can get coverage through the
National Flood Insurance Program administered by FEMA, which is
available through private insurance agents. Flood insurance is
available for homes, condominiums, apartments, commercial
structures and mobile homes.
Because hurricane season runs June through November, and there
is often a 30-day waiting period before a policy takes effect,
there’s no time like the present to obtain insurance.
Keep Updated Inventory of Property
In addition to buying insurance, consumers can protect their
property by making a record of their home’s contents.
“Creating a room-by-room inventory of your possessions is
important, and it should be updated whenever you make a substantial
purchase, such as a flat-screen TV or jewelry,” Mergelmeyer says.
“A phone video is a great way to capture what you own. Once
completed, keep the inventory, insurance policies and other
important documentation in a secure place such as a safe-deposit
box. During a flood, documents can be destroyed or lost, which can
delay your claim.”
For additional resources about how to prepare for hurricanes,
check out the National Hurricane Center’s new webpage for the 2015
season
Assurant Specialty Property is a leading provider of insurance
services in partnership with mortgage lenders, property managers,
financial institutions, manufactured home sellers, auto finance
companies and their customers. Services include insurance tracking
and management and lender-placed homeowners insurance, as well as
renters and flood insurance, property preservation and valuation
services. www.assurantspecialtyproperty.com
Assurant Specialty Property is a part of Assurant, Inc. (NYSE:
AIZ), a global provider of specialty protection products and
related services. With approximately $30 billion in assets and $8
billion in annual revenue, Assurant operates through three business
segments: Assurant Solutions, Assurant Specialty Property and
Assurant Employee Benefits. Through the Assurant Foundation,
established more than 30 years ago, the company and its employees
are dedicated to supporting and partnering with organizations that
improve communities. www.assurant.com Follow us on Twitter
@AssurantNews.
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For Assurant Specialty PropertyRobert Byrd, 770-763-2319Senior
Director, Communicationsrobert.byrd@assurant.com
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