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FOR IMMEDIATE RELEASE
New York Press Office: (212) 346-5500; media@iii.org
NEW YORK, October 13, 2015 — As South Carolinians assess the property damage caused by this month’s severe inland flooding and prepare to rebuild, it is important to understand the claims filing process, according to the Insurance Information Institute (I.I.I.).
When filing an auto or homeowners claim, the first step is to call your insurance professional as soon as possible to start the claims process. If you had to relocate, let your company know where you are currently residing and how best to reach you.
Flood damage to either a residence or a business is covered by policies provided by FEMA’s National Flood Insurance Program (NFIP), as well as a few private insurance companies. About 14 percent of U.S. homeowners have a flood insurance policy, a 2015 I.I.I. survey found. In the South, that number was 21 percent, the highest for any region of the United States. Standard business, homeowners and renters insurance policies do not cover flood damage.
The optional comprehensive portion of an auto insurance policy also covers flood related damage. More than 75 percent of U.S. drivers have comprehensive coverage.
In order to make the claims filing process more efficient and accurate, the I.I.I. has provided some claim filing tips.
Businesses, homeowners and renters who sustained flood damages, and whose properties were not covered by an NFIP policy, may be eligible for state and federal assistance.
FEMA Individual Assistance payments for housing allowance, contents losses, or moving and storage expenses are available to NFIP policyholders. The U.S. Small Business Administration (SBA) also offers low-interest, long-term disaster recovery loans to homeowners as well as businesses and private non-profit organizations.
The I.I.I. has a full library of educational videos on its You Tube Channel. Information about I.I.I. mobile apps can be found here.
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org