With blizzard warnings in effect for coastal New England including New York City and the eastern half of New JerseyÃ‚ Sunday and MondayÃ‚ now is a good time to visit our facts and stats on winter storms.
Insurance Information Institute (I.I.I.) research shows that winter storms result in about $1 billion in insured losses annually and are the third largest cause of catastrophe losses, behind hurricanes and tornadoes.
Melting snow can inflict significant damage to property. From 1990-2009 winter storms resulted in about $25 billion in insured losses, according to ISO.
AsÃ‚ residents and businessowners start to dig out from the snowstorm, the good news is that 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.