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EMERGENCY PREPAREDNESSEMERGENCY PREPAREDNESS
HOW INSURANCE & TDI CAN HOW INSURANCE & TDI CAN HELPHELP
JACK EVINS
TEXAS DEPARTMENT OF INSURANCE
TOPICS - OVERVIEWTOPICS - OVERVIEW
What we learned from IkeWhat we learned from Ike Insurance policies Insurance policies
Types of coveragesTypes of coverages Purchasing considerationsPurchasing considerations
TDI’s role regarding disastersTDI’s role regarding disasters How to get more information from How to get more information from
TDITDI
WHAT WE LEARNED FROM IKEWHAT WE LEARNED FROM IKE
At least 790,000 claimsAt least 790,000 claims Estimated insured losses of > $10BEstimated insured losses of > $10B > 4,800 complaints filed with TDI> 4,800 complaints filed with TDI > $27M returned to consumers> $27M returned to consumers Top five reasons for complaints:Top five reasons for complaints:
Claims delaysClaims delays Unsatisfactory settlements/offersUnsatisfactory settlements/offers Denial of claimsDenial of claims Customer serviceCustomer service Agent handlingAgent handling
PROPERTY INSURANCEPROPERTY INSURANCE
Understand covered perilsUnderstand covered perils What’s covered under your property policy?What’s covered under your property policy? Windstorm coverage & the Texas Windstorm Windstorm coverage & the Texas Windstorm
Insurance Association (TWIA)Insurance Association (TWIA) Flood coverage & the National Flood Flood coverage & the National Flood
Insurance Program (NFIP)Insurance Program (NFIP)
PROPERTY INSURANCEPROPERTY INSURANCE
Homeowners Homeowners Multiple and diverse policy formsMultiple and diverse policy forms Home (structure)Home (structure) ContentsContents Water damage & moldWater damage & mold LiabilityLiability Additional living expensesAdditional living expenses
PROPERTY INSURANCEPROPERTY INSURANCE
Other property coverages Other property coverages Renters (tenant) & other dwellingRenters (tenant) & other dwelling Commercial (fire & extended coverages) Commercial (fire & extended coverages) Business incomeBusiness income AutoAuto Mobile home Mobile home
BE INSURANCE-READYBE INSURANCE-READY
Important considerations – Review your policyImportant considerations – Review your policy Replacement cost vs. actual cash valueReplacement cost vs. actual cash value DeductiblesDeductibles Endorsements – add/delete coveragesEndorsements – add/delete coverages
Know who you’re dealing withKnow who you’re dealing with Licensed insurers/agentsLicensed insurers/agents Surplus lines insuranceSurplus lines insurance
Prepare your evacuation kit (important papers, Prepare your evacuation kit (important papers, company/agent contact info, prescriptions, etc.)company/agent contact info, prescriptions, etc.)
DEALING WITH A DISASTERDEALING WITH A DISASTER
Notify your company or agentNotify your company or agent Inventory/document damaged propertyInventory/document damaged property Responsibility to prevent further damageResponsibility to prevent further damage Keep receipts for reasonable repair Keep receipts for reasonable repair
expensesexpenses Make your address visibleMake your address visible
DEALING WITH A DISASTERDEALING WITH A DISASTER
Be present for adjuster’s inspectionBe present for adjuster’s inspection
The role of public adjustersThe role of public adjusters
Use reputable contractor(s)Use reputable contractor(s)
Contact TDI for assistanceContact TDI for assistance
TDI’S ROLE IN DISASTERSTDI’S ROLE IN DISASTERS
Coordination with other state/federal Coordination with other state/federal agenciesagencies
Coordination with insurance industryCoordination with insurance industry Loss preventionLoss prevention Combat insurance fraudCombat insurance fraud
Report fraud! Report fraud! 1-888-327-88181-888-327-8818
or online ator online at www.tdi.state.tx.us/fraud/onlinereport.htmlwww.tdi.state.tx.us/fraud/onlinereport.html
TDI’S ROLE IN DISASTERSTDI’S ROLE IN DISASTERS
Consumer assistanceConsumer assistance Consumer publicationsConsumer publications Outreach activitiesOutreach activities Consumer help-line: Consumer help-line: 1-800-252-34391-800-252-3439 Website: Website: www.tdi.state.tx.uswww.tdi.state.tx.us
StormLinkStormLink Disaster “resource pages”Disaster “resource pages”
TDI WEBSITE RESOURCESTDI WEBSITE RESOURCES
TDI WEBSITE RESOURCESTDI WEBSITE RESOURCES
TDI WEBSITE RESOURCESTDI WEBSITE RESOURCES
Thank you!Thank you!