Indianapolis, Indiana, 21st of October (TNSres) — The National Association of Mutual Insurance Companies issued the following press release:
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NAMIC teams up with The Risk Institute at Ohio State University Max M. Fisher College of Business on the national survey
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Homeowners in hurricane-prone coastal states and across the country believe extreme weather is increasing and their property is increasingly at risk, but they don’t know how to better protect their properties or the role insurance plays in this protection. These are some of the key findings from a new survey by the National Association of Mutual Insurance Companies.
The national homeowner survey, conducted by The Risk Institute at Ohio State University Max M. Fisher College of Business in late August, long before the last hurricane, revealed that 78% of respondents believe extreme weather is increasing where they live, and 71% fear their homes will be damaged by extreme weather or a natural disaster during of the next three years. Even more homeowners, 88%, feel motivated to protect their home, but nearly 60% say they don’t know what they can do. The majority of respondents cited expense and hardship as the top two reasons for not taking action to reduce their risk from extreme weather or disasters.
NAMIC ordered The Risk Institute survey to better understand landlord concerns United States in relation to perceived threats of weather events and disasters, what actions they have taken, and why or why not. Neil AlldredgeCEO of NAMIC, said the association finds the results disturbing.
“The devastation in Florida of Hurricane Ian is a heartbreaking reminder of the power of Mother Nature. It also highlights the importance of knowing what type of insurance you have and whether it provides enough protection,” Alldredge said. “For example, hurricanes and tropical storms can cause both wind and flooding, and although a typical home insurance policy covers wind damage, it does not cover flooding. This must be through a separate policy, most of which is underwritten by the National Flood Insurance Program. It’s a critical distinction that can make the difference between recovery and total loss.”
As financial first responders to extreme weather events and natural disasters, insurers know from experience that preparation is key to reducing losses, and that homeowners can take action before and after a storm to help mitigate. the impact.
Assess your insurance coverage annually: The survey conducted by The Risk Institute found that less than a fifth of respondents felt completely confident that they had enough home insurance to cover any damage to their property caused by extreme weather or disasters; yet two-thirds waited several years before reviewing their insurance policies. Checking in with your agent or carrier annually can help you identify vulnerabilities before they lead to liability.
* Fortify Your Home: Pre-disaster mitigation can build your home’s resilience and save money from future damage.
* Recovering from a Storm: For those with flood coverage, insurance claims may need to be filed with the homeowners insurance company and the Federal Emergency Management Agency, which implements the National Flood Insurance Program. Contact your agent; register the damage; and work with fitters. Contact FEMA for additional disaster relief.
* Beware of scammers: Predatory contractors are often seen canvassing neighborhoods after a storm. The Florida Attorney General’s Office recommends, among other things, that owners ask an insurance company to assess the damage before arranging repairs to ensure that the work will be covered by a policy and to obtain at least three detailed written estimates for offers or repairs.
When conducting the survey, The Risk Institute recruited a sample of 1,102 owners of August 11-17, 2022from Amazon MTurk using Cloud search. The survey’s margin of error is +/- 3%. Owners ranged in age from 20 to 70 and were evenly split between genders.
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Original text here: https://www.namic.org/news/releases/221020mr01
