Consumers may assume flood insurance for most car insurance policies, but this is not quite case for homeowner’s policies.
New York, NY (PRWEB) April 30, 2013
A new report, released by HomeInsuranceCalculator.info, shows that average claim payouts after the devastating super storm Sandy last year are not only much lower than average home values, but also less than half on average than Katrina payouts. The reasons are easy to spot.
“Thirty-three percent of households still incorrectly believe flood damages would be covered by a standard homeowners or property and liability policy,” as declared by Kansas Insurance Commissioner Sandy Praeger already in 2007 when she testified on behalf of the NAIC (Transcript made available to HomeInsuranceCalculator.info, can be send upon request).
“The situation seems to be unchanged, judging after taking stock of the damages, the much lower payouts compared to Katrina and the unpleasant situation for many homeowners. We just felt the necessity to make this a topic,” explains Steven, Project Manager at HomeInsuranceCalculator.info. “Bottom line is that consumers may assume flood insurance for most car insurance policies, but this is not quite case for homeowner’s policies.”
The complete report taking stock of the damages caused by Sandy for homeowner’s and a guide for consumers looking to protect their properties can be found at:
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