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FOR IMMEDIATE RELEASE
New York Press Office: (212) 346-5500; media@iii.org
NEW YORK, October 3, 2015 — Hurricane Joaquin is expected to remain at sea, but that does not mean the storm will leave the U.S. unscathed. Joaquin is likely to bring massive amounts of rainfall to areas already saturated from days of downpours. Understanding your flood risk and having an evacuation plan are the key to weathering the latest storm threat, according to the Insurance Information Institute (I.I.I.).
Water can be extraordinarily destructive. It only takes a few inches of water to cause tens of thousands of dollars in property damage. With inland bodies of water in many parts of the eastern U.S. close to reaching their limits, several states have already declared a state of emergency in anticipation of major flooding. Residents in the mid-Atlantic should prepare now by looking to local officials for information on rising water levels in lakes, rivers and streams. According to the National Oceanic and Atmospheric Administration (NOAA), inland flooding is a deadly danger.
Generally speaking, water that comes from the top down is covered by homeowners or renters insurance–for example, if hurricane-force winds shatter a window or damage the roof and allow rain to get into the house. However, water that comes from the bottom up, such as an overflowing stream, river or lake, is covered separately–by flood insurance.
The I.I.I. recommends these simple steps to protect yourself from water-related disasters:
“Many consumers don’t understand what type of water damage is covered by standard home insurance, nor do they understand the various types of flood policies available to them,” said Jeanne M. Salvatore, chief communications officer for the I.I.I.
Flood insurance is available from the National Flood Insurance Program (NFIP) and a few private insurance companies. Policies from the federal government have a 30-day waiting period before the coverage is activated. Excess flood insurance also is available from some private insurers if additional coverage is needed above and beyond the basic policy.
To learn more about flood insurance, visit the FloodSmart.gov and talk to your insurance professional.
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