Triple-I: Insurers Responding Swiftly to Series of Deadly Tornadoes

U.S. auto, home, and business insurers are assisting disaster victims after dozens of deadly tornadoes tore across multiple states in the past 72 hours, according to the Insurance Information Institute (Triple-I).
‘Insurers are the nation’s financial first responders and will be there to help their policyholders recover,’ said Sean Kevelighan, CEO, Triple-I. ‘The widespread damage the U.S. experienced in the past few days due to extreme tornado activity highlighted the importance of being financially protected from catastrophic losses by having the right types, and amounts, of insurance.’

Property damage caused by tornadoes is covered under standard homeowners, renters, and business insurance policies, and under the optional comprehensive portion of an auto insurance policy. Nearly 80 percent of U.S. drivers opt to purchase comprehensive coverage.

Policyholders should contact their insurer to obtain the assistance they need. Many claims-filing services are available via either a mobile app or online. The Triple-I offers these recommendations when tornado-caused property damage occurs:

Checklist for Homeowners, Renters, and Auto Policyholders

Contact your insurance professional and start the claims filing process.
Take photos of damage. A photographic record eases the insurance claim process.
Make temporary repairs to prevent further loss from rain, wind, or looting; these costs are reimbursable under most policies, so save repair-related receipts.
Compile a detailed list of all damaged or destroyed personal property.  Do not throw out damaged property until you meet with an insurance adjuster. If you have a home inventory, it will make the claims-filing process easier.
Hold off on signing repair contracts. Deal with reputable contractors and get references. Be sure of payment terms and consult your insurance adjuster before signing any contracts.
Check to see if you’re eligible for additional living expenses (ALE). Standard homeowners and renters insurance policies pay for the extra charges (e.g., temporary housing, restaurant meals) you incur over and above your customary living expenses if your home is uninhabitable because of an insured loss. Save all related receipts and, if you have vacated your home, make sure your insurer knows how to contact you.  

Checklist for Small Business Owner Policyholders

Follow the same advice as above when it comes to filing a property damage claim.
If your business is forced to close temporarily or relocate because a tornado caused physical damage to your premises, file either a business income (interruption) or extra expense claim if you carry these coverages.
Before filing a business income (interruption) policy claim, document your net income and operating expenses, including payroll, both before and after the business was disrupted.
Keep detailed records of all business expenses and transactions as your business recovers.