HARTFORD, Conn.--(BUSINESS WIRE)--
With seasonal Spring flooding right around the corner, Travelers (NYSE: TRV)
wants to remind homeowners that flooding is the number one natural
disaster in the United States* and that just a couple inches
of water can do thousands of dollars of damage to a home.
Unfortunately, without flood
insurance, many homeowners will find out too late that they're not
financially protected against flood damage. Denise Thornton'sLouisiana
home was ravaged by floodwaters. Unlike some of her neighbors, she had
flood insurance. Without the policy, Thornton says her family wouldn't
have been able to rebuild their home. Thornton's story can be seen on Travelers.com.
"There was a very big difference between those who had flood insurance
and those who did not. My neighbor across the street did not have
insurance. She still is not back," said Thornton. "There is peace of
mind with having flood insurance. The premium is so low when you think
about the benefit, if you ever need it, and I tell you, we would not
have been able to regain our life without the flood insurance money to
help us rebuild our house."
A recent Mason-Dixon poll revealed that one in five adults
weren't sure whether flood damage was covered in their standard
homeowners policy, Travelers is reminding consumers that a separate
flood policy is required to financially protect their homes from flood
damage.
"Many people mistakenly assume flooding is covered in their standard
homeowners policy or they don't think it's available," said Chantal Cyr,
vice president, Travelers' Flood Division. "That's why Travelers
emphasizes the importance of reviewing insurance coverages with your
carrier or insurance agent annually to make sure you have the right type
and amount of coverage."
Travelers stresses that in most cases it takes 30 days after purchase
for a flood policy to take effect, so it's important to buy insurance
before the floodwaters start to rise.
Below, some of the most common flood insurance myths
are addressed, in part, with information from FEMA.
MYTH: A standard homeowners
policy covers flooding.
FACT: Standard homeowners policies do
not cover damage caused by flooding. You can, however,
purchase a separate flood policy through The National Flood Insurance
Program (NFIP). These policies are sold directly by the NFIP or through
Write Your Own insurers such as Travelers.
MYTH: You can't buy flood insurance if you live in a
high-flood-risk area.
FACT: You can buy National Flood Insurance regardless of where
you live as long as your community participates in the NFIP. The only
exception is in Coastal Barrier Resources System (CBRS) areas.
MYTH: You cannot purchase flood insurance immediately before
or during a flood.
FACT: You can purchase National Flood Insurance at any time.
However, in most cases, there is a 30-day waiting period
from the date of application and premium payment before the policy takes
effect. It is important to note that a newly effective policy will not
cover a loss that is already in progress as of the effective date of
that policy.
MYTH: You are not eligible for flood insurance if your
property has previously flooded.
FACT: As long as your community participates in the NFIP, you can
purchase a policy, even if your home or business has previously flooded.
MYTH: Federal disaster assistance will reimburse you for a
flood loss so you don't need to buy flood insurance.
FACT: Federal disaster assistance is only available during
presidentially declared disasters. Federal disaster assistance is often
in the form of a loan that you must pay back with interest. Flood
insurance policies pay claims whether or not a disaster is declared.
MYTH: If you don't live in a flood zone you don't need to buy
flood insurance.
FACT: Everybody lives in a flood zone and you do not have to live
near water to suffer a flood loss. Floods can be caused by many things
such as heavy rain, melting snow, inadequate or overloaded drainage
systems, dam or levee failure, hurricanes, etc.
For more information about flood
insurance, contact your independent
insurance agent or visit www.travelers.com
and www.floodsmart.gov.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading property casualty insurer selling primarily through
independent agents and brokers. Travelers understands that life and
business are inherently dynamic and that the best way to serve customers
is to deliver insurance in-synch with evolving risks. The company's
diverse business lines offer its global customers a wide range of
coverage in the auto,
home
and business
settings. Travelers is a Fortune 100 company, with 2008 revenues of
approximately $24 billion. The company has more than 33,000 employees.
For more information on being in-synch, visit www.travelers.com.
*Federal Emergency Management Agency
Source: The Travelers Companies, Inc.
Contact: Media Contacts:
Sheila Trauernicht, 860-277-7461
Cell: 860-707-3907
Matt Bordonaro, 860-277-7014
Cell: 860-202-3034