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While most of thehouseholds without power because of Hurricane Irene haveregained theirelectricity accordingtotheDepartment of Energy,thousands arestill cleaning up theirhomes after unexpected flooding. unfortunately,many mayfind themselves unprepared forthecosts topay forthesedamages.
Damage from Hurricane Irene range from $7 to$13 billion or perhaps more,mostly from flooding and power outages. But confusion surrounding insurance policy coverage abounds.
Seventy two percent of people inasurvey saythey believetheirinsurance wouldpay forthefullcost torebuild from anatural disaster or fire. Yet nearlyall insurance companies cap theamountthey pay foratotal loss unlessadditional coverage ispurchasedand most policies takedepreciation into account whenassessing damage,accordingtothelastMetLife Auto Home Insurance Literacy study inAugust 2010.
Here aresixadditional insurance facts toclarify myths related toflooding and otherweather-related damage:
1. Most homeowners?policies donot include flood insurance but options exist.
Homeowners?policies usually donot cover loss due toflooding,but coverage canbepurchasedfrom thefederal government. Homeowners canask theiragents aboutthedetails or contact theNational Flood Insurance Program (NFIP) at 1-800-427-4661 or floodsmart.gov.
Over thepast10 years,theaverage flood claim hasamounted tonearly$48,000,accordingtotheNFIP. forbuilding and contents formoderate-to-low risk homes,NFIP coverage starts at $129 peryear.
Flood insurance canbepurchasedforanyeligible property located inacommunity that participates inFEMA?s National Flood Insurance Program at anytime regardlessof yourflood risk,and coverage isavailablesubject toexclusions and limitations inthepolicy. however,inmost cases there isa30-day waiting period after applying and paying thepremium forastandard flood insurance policy beforeit becomeseffective.
Chubb Group of Insurance Companies begantooffer flood insurance in2006,and its product offers possibly broader coverage than thegovernment program. Chubb offers up to$15 million incoverage,accordingtoChubb spokesman David Hilgen,whileNFIP offers amaximum of $250,000 forresidential building coverage.
The Internal Revenue Service isalsointheprocess of providing tax relief,including postponement of filing and payment deadlines,tovictims of Hurricane Irene and willupdate information on the IRS website.
2. Some mortgage companies mayrequire flood insurance whenyou purchase yourhome.
For example,if you haveafederally insured mortgage and live inahigh-risk flood zone,themortgage company willrequire flood insurance tosecure yourloan,accordingtoChubb. also,if you live inahigh-risk flood zone and receive federal disaster assistance after aflood,you willberequired topurchase and maintain flood insurance until yourloan ispaid off. inthis case,if you don?t buyflood insurance and anotherflood damages yourproperty,arequest forfederal disaster assistance couldbedenied.
3. thetype of ?natural disaster?couldberelevant. Lightning and hail:yes. Volcanoes:no.
The MetLife study saysthat damage from windstorm or hail and lightning isincluded inmost homeowners?policies,whereasdamage from earthquakes and volcanic eruptions areusually not covered. also,foundation damage from earth movement and water damage from asewer or sump-pump areusually not covered unlessyou secured additional coverage.
But Judy Spry,partner intheinsurance claims services practice at BDO Consulting,saidformany business policies,?named wind storm?coverage and resulting flooding isusually considered thesame causeof damage. also,it mayor maynot berelevant that Hurricane Irene wasdowngraded toatropical storm inmany areas alongtheEast Coast.
?Every insurance policy isunique,soit isbesttocheck withyourinsurance agent or broker,?she said.
Article source:abcnews.go.com/Business/hurricane-irene-insurance-facts-myths/story?id=14412355
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