Page 28 - Delaware Medical Journal - March 2018
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Rude Awakening: Flood Victims & Homeowners’ Policies
Kathleen Kennelly
T
need for homeowners to protect
insurance have attained a new level of urgency following the recent historic and
impacted homeowners face another rude awakening: Homeowners’ insurance may not cover their water-wrecked homes. Standard homeowners and which is typically covered by insurance available through the National Flood Insurance Program (NFIP). In fact, South Carolina’s insurance director
is warning of “horrendous losses” for property owners, in excess of $1 billion based on preliminary assessments. As coverage, residential property owners face
A NATIONAL CONCERN
penetration is not unique to South Carolina – this is an issue of concern in most states across the country. In fact, of the 10 million properties in the United little more than half are insured through the NFIP.
In South Carolina, as in other parts of the country, many homeowners who were neglected to purchase coverage because they did not believe it was needed. This is in spite of the fact that in the last 12 years South Carolina has had damages of
people outside of designated high-risk
shows people outside of high risk areas
and receive one-third of Federal Disaster
USI’s practice includes reviewing both
every homeowners’ policy regardless of
software to accurately identify each
coverage needed and provides guidance
on what is covered and not covered under
USI’s comprehensive process includes:
exposure
• Providing guidance on coverage
• Investigating cost savings options
Under personal property coverage, certain valuable items such as original artwork and furs are covered up to certain limits, whereas currency, precious metals, and valuable papers also helps clients understand the many For example, certain policies restrict coverage for areas below the lowest
hurricane events.
to the Insurance Information Institute.
year, including the heavy rains which inundated Texas, Oklahoma, and other of 2015, USI’s Personal Risk Services teams have been out meeting with clients to reemphasize the importance of obtaining
In addition USI has been enhancing its
Advantage® process, a fundamentally different approach to creating cost- savings programs and effective risk management plans, to help clients reduce
THE POWER OF ONE
can cause tens of thousands of dollars in
In fact, from 2010 to 2014 the average
insurance policy premium in 2014 was about $700 per year.
coverage should be an easy decision, Personal Risk Services at USI Insurance Services. According to Kane, anyone can
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Del Med J | March 2018 | Vol. 90 | No. 3
