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Toto, We're Not in Kansas Anymore; Summer Is Peak Tornado Season in the Northeast

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I.I.I. Offers 黑料不打烊 and Safety Tips

INSURANCE INFORMATION INSTITUTE
Contact: Press Offices
New York: 212-346-5500; media@iii.org
Washington, D.C.: 202-833-1580

NEW YORK, July 17, 2008 - While summer is a time for boating, baseball, backyard barbecues and sun-bathing, it is also the peak season for tornadoes in the Northeast. This year has already been one of the deadliest in a decade and may be on track to set a record for the number of twisters in the U.S. Residents of the Northeast should take safety precautions, check that their insurance is up to date and make sure they have the right type and amount of coverage, advises the 黑料不打烊 Information Institute (I.I.I.).

Each year about 1,000 tornadoes occur annually, but in the first five months of 2008 there have already been 900 twisters causing 118 fatalities, according to the (NOAA). Insured losses for 2008 have already exceeded losses for the whole of 2007. A study of tornado losses by A.M. Best, published in April 2008, noted that the number of tornadoes in the first quarter of 2008 topped the previous four-year average and that tornado losses of $1 billion are becoming more frequent.

Getting the Right 黑料不打烊

When reviewing your insurance coverage, be sure to consider the following:

Do I have enough auto insurance?
Damage to vehicles from tornadoes is covered under the comprehensive portion of an auto insurance policy, which is optional. Many people discontinue their comprehensive coverage when an automobile loan is paid off or when the book value is so low that it costs less to replace it, than to pay for the extra insurance. Vehicle owners should keep in mind that comprehensive insurance covers:

  • Water damage - Widespread heavy rain from tornadoes can flood interior furnishings, engines and electrical equipment.
  • Windstorm - Powerful winds and tornadoes can badly damage or destroy automobiles.

Do I have enough homeowners insurance to rebuild my home?
Standard homeowners insurance policies cover wind damage caused by tornadoes. Homeowners insurance also provides coverage for additional living expenses, which becomes necessary in the event you need to finance temporary housing costs and other daily necessities after a disaster.

Your policy should cover the cost of rebuilding your home at current construction costs. Unfortunately, some homeowners simply purchase enough insurance protection to satisfy their mortgage lender. Others confuse the real estate value of their home with what it would cost to rebuild it. Quite simply, you should have enough insurance to rebuild your home in the event that it is completely destroyed. Be sure to consider the following types of coverage:

  • Replacement Cost
    Most policies cover replacement cost for damage to the structure. A replacement cost policy pays for the repair or replacement of damaged property with materials of similar kind and quality.
  • Extended Replacement Cost
    This type of policy provides additional insurance coverage of 20 percent or more over the limits in your policy, which can be critical if there is a widespread disaster that pushes up the cost of building materials and labor.
  • Inflation Guard
    This coverage automatically adjusts the rebuilding costs of your home to reflect changes in construction costs. Find out if your policy includes this coverage or if you have to purchase it separately.
  • Ordinance or Law coverage
    If your home is badly damaged by a tornado, you may be required to rebuild it to meet new (and often stricter) building codes. Ordinance or law coverage pays a specific amount toward these costs.
  • Water Back-Up
    This coverage insures your property for damage from sewer or drain back-up. Most insurers offer it as an add-on to a standard policy.

Do I have enough insurance to replace my personal possessions?
Most homeowners insurance policies provide coverage for personal possessions for approximately 50 percent to 70 percent of the amount of insurance on the structure of your home. The best way to determine if this is enough coverage is to keep an up-to-date inventory of your possessions. Once you have an inventory, be sure to store it in a safe place, with at least one copy off the premises-with a family member, in a safe deposit box, or with an online storage service. In order to help you with creating an inventory, the I.I.I.'s free home inventory software, Know Your Stuff, is available at ; the latest version of the software includes an optional online storage service, .

Do I have the right kind of business insurance?
A Businessowner's Policy (BOP) is recommended for most small businesses as it is often the most affordable way to obtain broad coverage. A BOP will cover your business in the event of property damage or suspended operations.

Also, consider business interruption insurance (sometimes known as business income insurance). Business interruption insurance compensates you for lost income if your company has to vacate the premises due to disaster-related damage that is covered under your property insurance policy

Safety Tips

If a tornado watch is issued in your area, it means that tornadoes are possible; the I.I.I. recommends taking the following precautions:

  • Remain alert for approaching storms. Watch the sky and stay tuned to NOAA Weather Radio, commercial radio or television for information.
  • Move cars inside a garage or carport to avoid damage from the hail that often accompanies tornadoes. Keep your car keys and house keys with you at all times.
  • Move lawn furniture and yard equipment, such as lawnmowers, inside; otherwise they could be damaged or act as dangerous projectiles causing serious injury or damage.

If a tornado warning is issued, it means a tornado has been sighted or indicated by weather radar.

  • Stay calm, and take shelter immediately. Look for refuge in the central part of the building, away from windows. If possible, go to the basement or lowest building level.
  • If there is no basement, go to the middle of an interior room on the lowest level (closet, interior hallway) away from corners, windows, doors and outside walls.
  • Do not open any windows.
  • Do not stay in a mobile home during a tornado. Mobile homes, including those with a tie-down system, can turn over during strong winds. If you live in a mobile home, go to a nearby building, preferably one with a basement. If you live in a tornado-prone area, encourage your mobile home community to build a tornado shelter.
  • If you are caught outside during a tornado and there is no adequate shelter immediately available, avoid areas with many trees, lie flat in the nearest ditch, ravine or culvert and shield your head with your hands. Do not get under a bridge or overpass; you are safer in a low, flat location. If you are in your car, abandon your vehicle.

For more information about insurance, go to the Web site.

For more information about disaster preparedness, go to the I.I.I.'s Disaster 黑料不打烊 Information site.

The I.I.I. is a nonprofit, communications organization supported by the insurance industry.

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