MEDIA ADVISORY: Reporters Covering Aftermath of the Texas Tornadoes Can Contact the I.I.I. For Analysis, Resources and Interviews

I.I.I. Spokesperson in Dallas Area Can Discuss Coverage for Homeowners, Drivers and Businesses

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FOR IMMEDIATE RELEASE New York Press Office: (212) 346-5500; media@iii.org

 

NEW YORK, December 28, 2015 — The Insurance Information Institute (I.I.I.) has subject matter experts and resources available to explain the insurance and economic implications of the weekend’s deadly tornadoes in Texas.

Lynne McChristian, the I.I.I.’s Catastrophe Response Director, will be available in the Dallas area starting on Tuesday afternoon, December 29. She can be interviewed on site, in-studio and via telephone (813-480-6446) or Skype. Her email address is lynnem@iii.org. The I.I.I.’s Elianne González is also available for Spanish-language media interviews. She is based in Miami and can be reached at 954-389-9517; her email address is elianneg@iii.org.

Reporters can contact the I.I.I.’s president and vice president, media relations, in New York City for information and/or interviews:

  • Dr. Robert Hartwig, President and Economist: 212-346-5520; bobh@iii.org
  • Michael Barry, Vice President, Media Relations: 212-346-5542; michaelb@iii.org

Standard homeowners policies cover damage caused by tornadoes, including wind damage to the structure of the building and its contents. Standard renters policies cover tornado-caused damage to the contents of a residence.

Homeowners and renters policies also provide coverage for additional living expenses (ALE). ALE pays the costs of living away from home if the residents cannot live in a property due to damage from an insured disaster. A 2015 I.I.I. poll conducted by ORC International found that 95 percent of homeowners had homeowners insurance whereas only 40 percent of renters had renters insurance. Landlords’ insurance policies generally do not cover a renters personal property.

Damage to cars from a tornado, such as those caused by either trees or limbs, is covered under the optional comprehensive portion of a standard auto insurance policy. Seventy-seven (77) percent of insured drivers purchased comprehensive coverage in addition to liability insurance in 2012, the I.I.I. estimated, based on its analysis of National Association of Insurance Commissioners (NAIC) data.

Standard business insurance policies provide coverage for property damage to the structure of the business, or its equipment and inventory. Business income (also known as business interruption) insurance replaces lost revenue in the event a business has to shut down due to wind damage. This includes the additional expenses—such as operating out of a temporary location—incurred as a result of an insured disaster.

ISO’s Property Claim Services (PCS) reports tornadoes/thunderstorms accounted for 39.1 percent of insured U.S. catastrophe losses from 1995 to 2014, second only to hurricanes and tropical storms over that 20-year period (40.8 percent). Insured losses from U.S. tornadoes/thunderstorms totaled $12.3 billion in 2014, according to Munich Re.  Munich Re also estimated there were $5.1 billion in insured losses caused by U.S. tornadoes/thunderstorms in 2015’s first six months.

 

RELATED LINKS

Articles:
Recovering from a Tornado
What Is Covered by a Basic Auto Insurance Policy?
What Disasters Are Covered under Homeowners Insurance?
Facts and Statistics: Tornadoes and Thunderstorms
Insurance Topics: Business Insurance
 
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

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