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SOURCE Insurance Information Institute
Winter-Related Damage Causes Over a Billion Dollars in Insurance Losses Annually
NEW YORK, Oct. 23, 2013 /PRNewswire-USNewswire/ -- With a devastating snowstorm hitting South Dakota in early October and freezing temperatures recorded this week in Chicago, the Farmers' Almanac predictions of a frigid winter and heavy snow for the 2013–2014 winter season in the U.S., are looking right on-target.
Many winter-related disasters can be prevented if you take a few simple steps to protect your home from freezing temperatures, snow and wind. And autumn is the perfect time to winter-proof your home, according to the Insurance Information Institute (I.I.I.).
Standard homeowners policies cover winter-related disasters such as burst pipes, ice dams and wind damage caused by weight of ice or snow, as well as fire-related losses. Coverage for flooding is available from the National Flood Insurance Program and from some private insurance companies. Winter-related damage to cars is generally covered under the optional comprehensive portion of an auto insurance policy.
Melting snow can inflict significant damage to property and winter storms are the third-largest cause of catastrophe losses, noted the I.I.I. Winter storms caused $38 million in insured losses in 2012, according to Munich Re. An ISO study shows that from 1992-2011, winter storms resulted in about $28 billion in insured catastrophe losses (in 2011 dollars), or more than $1 billion a year on average.
The I.I.I. offers the following tips to prepare your home for the upcoming winter:
Outside Your Home
Inside Your Home
If you are going to be away for an extended period, take special care. Turn the water off and/or have the water system drained by a professional to keep pipes from freezing or bursting. Also, hire someone to check your home on a regular basis so that, if there is a problem, it can be fixed quickly, lessening any damage.
For more information on preparing your home against damage from Mother Nature, go to the Insurance Institute for Business & Home Safety.
The I.I.I.'s free mobile apps can help you create a disaster plan, learn about selecting the right insurance for your needs and budget, and create and maintain a home inventory. Learn more about our suite of apps here.
The I.I.I. has a full library of educational videos on its YouTube Channel.
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
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