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INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org
Washington Press Office: (202) 833-1580
NEW YORK, August 19, 2009 — Hurricane Bill, the first Atlantic hurricane of 2009, offers a vivid reminder of the East Coast’s vulnerability to severe weather events, according to the Insurance Information Institute (I.I.I.).
Eight of the 10 costliest hurricanes in U.S. history, as defined by insured losses, have occurred since 2004. Hurricane Ike in 2008 ($12.5 billion) ranked third, topped only by Hurricane Katrina ($45.3 billion), which ranked first—1992’s Hurricane Andrew ($23.8 billion) ranked second.
The I.I.I. recommends the following three steps to prepare for a hurricane or other disaster:
Make sure you understand your deductibles. Most coastal residents have specific percentage deductibles for windstorm damage rather than the traditional dollar deductibles that are used for other types of losses such as fire or burglary.
Ask about flood insurance. Flood damage is not covered under most standard home insurance policies. However, flood coverage is available from the National Flood Insurance Program (NFIP) and some private insurance companies. It can generally be purchased from the same agent or broker who provides your homeowners or renters insurance. Additional information on flood insurance can be found by going to the FloodSmart.gov Web site or calling 888-379-9531. Should you need coverage over and above the $250,000 for property and $100,000 for contents provided by the NFIP, excess flood insurance is also available from private insurance companies.
To make creating a home inventory easier, the I.I.I. provides free Web-based software at KnowYourStuff.org. Know Your Stuff allows you to organize easily and list your possessions, as well as add digital photographs of your valuables and upload scanned receipts. The program provides free, secure storage of your inventory on Amazon Web Services. Storing your inventory online gives you the ability to access it from any computer in the event your own computer is damaged or destroyed.