Chicago, IL (PRWEB) May 01, 2013
With the start of the 2013 hurricane season a month from today, insurers are helping residents in hurricane-prone states make preparations for the threat of devastating storms. The Property Casualty Insurers Association of America (PCI) recommends that homeowners, businesses and public policymakers take the necessary steps to ensure that everyone is prepared for the potentially devastating effects of a major storm. And a key step to take is making sure to have flood insurance.
The fact that recovery efforts are still ongoing from Hurricane Sandy last fall demonstrates that it is vital for residents in threatened areas to purchase flood insurance, which is not included in standard homeowners’ policies. While a recent survey by Bankrate.com found that 81 percent of Americans surveyed knew that standard homeowners insurance did not cover flooding, the Insurance Information Institute found in a 2012 poll that only 13 percent of Americans questioned had a flood policy. Instructions on how to get flood insurance and other important information can be found at the National Flood Insurance Program (NFIP) website: http://www.fema.gov/national-flood-insurance-program/information-homeowners-renters.
“While the hurricane risk is greatest in Florida, we were reminded again by Sandy that a major storm can strike almost anywhere along the Gulf coast and east coast, and create significant damage and displacement,” said Christopher Hackett, PCI’s director, personal lines policy. “Additionally, hurricanes and tropical storms spawn tornadoes and heavy rainfall that often results in flooding. Damage from these types of events occurs every storm season and can be significant. We urge consumers to reduce their exposure to loss and make certain that they have adequate insurance coverage, including a separate flood insurance policy from the National Flood Insurance Program.”
The Colorado State University Department of Atmospheric Science released its 2013 Extended Range Forecast of Atlantic Seasonal Hurricane Activity and Landfall Strike Probability on April 10th. The forecast calls for 18 named storms, including nine hurricanes, four classified as major (Category 3, 4 or 5). CSU also projects a 72 percent chance of at least one major hurricane hitting the United States, as compared to a 52 percent average over the course of the last century. The east coast, including the Florida peninsula, is projected to have a 48 percent chance of a major hurricane, compared to a 31 percent average over the last century, and the Gulf coast, including the Florida panhandle, is projected to have a 47 percent chance of a major hurricane, compared to a 30 percent average for the century. For more information: http://tropical.atmos.colostate.edu/forecasts/2013/apr2013/apr2013.pdf. Also, for more information on how to prepare for the upcoming hurricane season, visit PCI Hurricane Headquarters online at: http://www.pciaa.net/web/sitehome.nsf/lcpublic/438?opendocument.
PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $190 billion in annual premium, or 40 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 38 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.