Dolly Reaches Texas – I.I.I. Has Facts and Statistics on Coastal Insurance Market
No Hurricanes Made Landfall in the U.S. in 2006; Only One Hit in 2007
INSURANCE INFORMATION INSTITUTE
Contact: Press Offices
New York: 212-346-5500;
media@iii.org
Washington, D.C.: 202-833-1580
NEW YORK, July 23, 2008 -- The relative calm of the 2006 and 2007 U.S. hurricane seasons may not continue into 2008 with Hurricane Dolly making landfall today in Texas, according to the Insurance Information Institute (I.I.I.).
“Texas is among the riskiest places in the United States for insurers to operate,” said Dr. Robert Hartwig, an economist and president of the I.I.I. “In fact, Texas and Louisiana were the two states affected in September 2007 when Hurricane Humberto became the only major windstorm to make landfall in the U.S. last year.”
No hurricanes struck the U.S. in 2006. Prior to that, the last windstorm to hit this nation’s coastline was Hurricane Wilma, which swept through Florida in October 2005. Reporters covering Hurricane Dolly who want to provide perspective on the insurance repercussions of the storm can review the following I.I.I. materials online:
TEXAS WINDSTORM INSURANCE ASSOCIATION (TWIA): Many coastal homeowners in southwest Texas have windstorm and hail coverage through the TWIA, which sells policies to those residing in parts of Harris County and 14 other Texas counties along the Gulf Coast:
http://www.iii.org/media/hottopics/insurance/hurricanwindstorm/
.
TEXAS HOMEOWNERS INSURANCE MARKET: Three nationally known, private property insurers also have a presence in the Texas homeowners insurance market, although most of their policyholders are inland:
http://www.iii.org/media/facts/statsbyissue/texas/
.
HISTORY OF U.S. HURRICANES AND INSURED LOSSES: Hurricane Rita hit multiple southern U.S. states, including Texas, in September 2005 on its way to becoming the seventh most expensive hurricane ($5.6 billion) in U.S. history, as defined by insured losses:
http://www.iii.org/media/facts/statsbyissue/hurricanes/
.
STANDARD HOMEOWNERS AND RENTERS POLICIES DO NOT COVER FLOOD DAMAGE: In order to be covered for flood damages, property owners must purchase a separate flood insurance policy, either from the federal government’s National Flood Insurance Program or a private carrier. Property damage caused by flooding is typically excluded under standard homeowners and renters insurance policies. Cars damaged by a flood are, however, covered under the comprehensive section of an auto insurance policy:
http://www.iii.org/media/facts/statsbyissue/flood/
.
For more facts and statistics, download a copy of the I.I.I.’s
Texas Hurricane Fact File
.
The I.I.I. is a nonprofit, communications organization supported by the insurance industry
