Winter Storm Focus

With a major winter storm barreling out of the Southeast and up into the Northeast United States overnight, it’s a good time to revisit some winter storm facts and stats. According to Insurance Information Institute (I.I.I.)  research, winter storms result in about $1 billion in insured losses annually and are the third-largest cause of catastrophe losses, after tropical cyclones and tornadoes. Melting snow can inflict significant damage to property. From 1988-2007, winter storms resulted in more than $24 billion in insured losses. Winter storms also  account for a large proportion of homeowners claims each year. In 2006, water damage and freezing accounted for approximately 20 percent of all homeowners insurance claims in the country. For homeowners preoccupied with the economy, the good news is that standard homeowners policies cover property damages caused by burst pipes, ice dams, wind and hail, and damages from weight of ice or snow. However, property damage caused by flooding (water that comes into the home from the ground up) is  typically covered by a separate flood insurance policy. Check out I.I.I.  flood insurance  facts & stats.  

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