FOR IMMEDIATE RELEASE
Hurricane Florence Expected to Cause Widespread Property Damage
Storm already impacting millions in the U.S. southeastern and mid-Atlantic states
NEW YORK, September 12, 2018 —Hurricane Florence’s strong winds and heavy rainfall are headed to the U.S. East Coast, and the property damage Florence could cause will be covered by different insurance policies, according to the Insurance Information Institute (I.I.I.).
Flood-caused property damage generally is covered under FEMA National Flood Insurance Program (NFIP) policies, if the homeowner, renter, or business has purchased one. Some homeowners and businesses have coverage for flood-caused property damage through private insurers, however.
Wind and flood-caused property damage to private-passenger vehicles are covered under the optional comprehensive portion of an auto insurance policy. Nearly 80 percent of U.S. drivers choose to purchase comprehensive coverage.
More than 1 million residents have already evacuated coastal communities in North Carolina and South Carolina but those who reside in the inland parts of those states should also prepare for Florence, which is expected to make landfall later this week, by taking these steps:
The I.I.I. has additional resources on the insurance markets in the states Hurricane Florence is expected to impact most directly as well as historical data on U.S. hurricanes.
Facts and Statistics: Hurricanes
Triple-I blog: Hurricane Florence’s Insurance Implications
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038, www.iii.org