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Winter-Related Damage Causes Billions of Dollars in Losses Each Year
I.I.I. Offers Checklist to Winter-proof Your Home
INSURANCE INFORMATION INSTITUTE
Contact: Press Offices
New York: 212-346-5500; media@iii.org
Washington, D.C.: 202-833-1580
NEW YORK, October 9, 2006 - Winter storms can wreak havoc on your home, and account for a large percentage of homeowners insurance claims, so be prepared by winter-proofing your home, warned the Insurance Information Institute (I.I.I.).
Winter storms accounted for 7.8 percent of catastrophe losses from 1986-2005, with losses averaging more than $1 billion a year over that period. Water damage and freezing account for approximately 17 percent of all homeowners insurance claims, while wind and hail account for close to 50 percent. The average claim for water damage and freezing is $5,095, according to the I.I.I.
However, many winter-related disasters can be prevented if you take a few simple steps to protect your home from snow, wind and freezing temperatures. "With the weather still relatively mild, autumn is the perfect time to winter-proof your home," said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I.
The first step is to make sure your home and possessions are properly insured. "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," noted Salvatore.
Coverage for flooding is available from the National Flood Insurance Program, but is generally purchased through your insurance agent or company representative. Winter-related damage to cars is often covered under the comprehensive portion of an auto insurance policy.
The Old Farmer's Almanac is predicting colder than normal temperatures and above average snowfall in many areas of the country this winter.
To prepare for winter, the I.I.I. offers the following tips:
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. If there is a problem, it can be fixed quickly, thus lessening any damage. Activity at your home will also reduce the likelihood that it will be burglarized.
For more information on homeowners insurance, go to the I.I.I. Web site: /homei .
Flood insurance information is available from the NFIP: http://www.floodsmart.gov .
For additional tips on winter-proofing your home, as well as information on how to prepare your home if it is going to be vacant, go to the Institute for Business & Home Safety: http://www.IBHS.org .
The I.I.I. is a nonprofit, communications organization supported by the insurance industry.