Contact: Yeraldin
Deavila, Public Information Officer
Phone: (775)
687-0772
E-mail: ydeavila@doi.nv.gov
FOR IMMEDIATE RELEASE– May 1, 2017
CHANGING WEATHER PATTERNS MEAN HOMEOWNERS NEED TO RETHINK
INSURANCE RISKS
New Disaster Prep Guides from
Insure U aim to help homeowners before disaster strikes
CARSON CITY, NV – Fewer
than 22 percent of homeowners view changing weather patterns or natural
disasters as an important factor when updating their homeowners insurance
policy, according to a new survey from the National Association of Insurance
Commissioners (NAIC). With natural disasters on the rise1, the NAIC
urges consumers to consider their insurance risks and understand what is and is
not covered in their current policies.
Recent weather in Northern Nevada caused severe flooding,
resulting in several major disasters and presidential declarations this year. The
worst may not be over, as State officials are preparing for additional flooding
from the snow melt in the mountains as the warm weather approaches. There are
further concerns with potential for mud and rock slides due to erosion in areas
affected by recent wildfires. Damage to your home or property from such events
is not covered by homeowners insurance, and can only be covered through a
separate flood or earthquake coverage. More than 800 emergency or disaster
declarations were made in the United States from 2005-20152,
resulting in an average of $24 billion in annual insured losses due
to natural catastrophes3.
However, the NAIC survey revealed 56 percent of homeowners have not reviewed
their insurance policies in more than a year and 14 percent are unsure when —
if ever — they last reviewed their policies. Research also
indicates nearly half of homeowners (44 percent) have a home inventory. But of
those who have an inventory, more than 40 percent have not updated it in more
than a year.
“As Nevada residents, we’ve experienced a
significant loss from flooding, wind damages and wildfires over the last year,”
said Commissioner
Barbara Richardson. “A good way for
consumers to be sure to protect their assets is to consider the risks disasters
pose within our region and how it can impact their home insurance needs.”
Before the
Storm
Consumers should re-evaluate their
risk profile at least once a year to ensure their homeowners policy provides
the protection they need. Reach out to your insurance agent or insurance
company and discuss any changes to your risk profile and the adequacy of your
home insurance. Questions to consider include:
Am I now at risk? Are earthquakes,
wildfires, or flood now a threat? Do I need a flood insurance policy?
What has changed in my home? Did the number
of people (and belongings) increase or decrease? Have I made any major
purchases?
Have I upgraded my home with a kitchen
renovation, new security system or other improvements?
Has there been a change in local community
disaster supports; for example are there new fire prevention or protection
services available?
Have I maintained a fire protective zone
around my house? Does it need updated?
Should I be looking at different coverage?
Can I save money by bundling my home and
auto insurance?
New
Disaster
Prep Guides from Insure U can help consumers determine the best
course of action before, during and after a disaster strikes. The free guides include information and tips for tornadoes, hurricanes, floods, earthquakes and wildfires. Nevada Division of Insurance also publishes
Nevada specific guides for home, flood and earthquake insurance which can be
downloaded for free by visiting http://doi.nv.gov/News-Notices/Publications/.
Disaster
Prep Guides are available at insureuonline.org.
Consumers interested in insurance information
specific to Nevada can contact the Nevada Division of Insurance by visiting www.doi.nv.gov.
Sources:
1 - https://www.unisdr.org/we/inform/publications/46796
2 - https://www.fema.gov/disasters/grid/year
3 - http://www.iii.org/fact-statistic/catastrophes-us
About the Nevada Division of Insurance
The State of Nevada Division of
Insurance, a Division of the Nevada Department of Business and Industry,
protects the rights of Nevada consumers and regulates Nevada’s $14 billion
insurance industry. The Division of Insurance has offices in Carson City and
Las Vegas. In 2016, the Division investigated more than 3,200 consumer
complaints and recovered nearly $5 million on behalf of consumers. For more
information about the Division of Insurance, visit DOI.NV.GOV or download the
Division’s smartphone app NDOI Connect today in the Apple App Store and Google
Play.
