Insurance claims begin to pour in and are expected to grow
And some policyholders are discovering -- or rediscovering -- a hard truth: Standard homeowners' policies typically do not cover flood damage, that is, damage from rising water.
While comprehensive auto insurance can cover flood damage, that's not the case for homeowner's coverage.
Protection from flood damage to homes must be obtained separately through the National Flood Insurance Program, which is typically purchased through one's existing homeowner's insurer.
"We're just really in the initial stages," said
"Honestly, we don't necessarily know why," Brower said.
"We've had roughly 15,000 total claims" from
There appeared to be a higher incidence of flood-damage reports in
As more people return to their homes, more claims are expected to roll in.
"I think we're going to see it change and alter in the days to come," Johnson said, adding that the additional claims volume could continue for weeks.
Allstate said it could not provide a claims-volume estimate late Monday afternoon.
"It is too soon to know the number of claims we expect to receive, but our adjusters are working closely with customers in affected areas to help guide them through the claims process," said
"We're getting a number of floodlike claims that are not actually covered," said
The association reported receiving 60 claims in
The association insures roughly 29,000 policyholders, about 8,000 of them in its "sea-coast territory," extending from
It expects, based on current volume, to get about 150 claims from that region within the next two to three days, Tinsley said.
Hurricane deductibles can take the form of a fixed-dollar figure or, more often, a percentage of a home's insured value, varying from roughly 1 percent to as high as 10 percent, according to the NAIC.
Brower, the
Asked whether that was good news or bad news for
"Customers, in many cases, will be paying a lower deductible," said
As of late Monday afternoon, it was unclear whether Matthew had triggered the hurricane-deductible provision for other insurers.
___
(c)2016 The Virginian-Pilot (Norfolk, Va.)
Visit The Virginian-Pilot (Norfolk, Va.) at pilotonline.com
Distributed by Tribune Content Agency, LLC.
‘Person of interest’ in songwriter Rob Meurer’s death may be homeless, complicating search
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News