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!