As the Eastern Seaboard digs out from the Blizzard of ’03, the Insurance Information Institute (I.I.I.) is reminding residents to check over their property for damage from the melting of ice and snow and to review their insurance policy for covered damages.
Standard homeowners or business insurance policies cover a wide range of winter-related disasters such as burst pipes, ice dams, wind damage and building collapse caused by the weight of ice or snow. Coverage for back-up of sewers and drains also is available. Flood damage is excluded from most standard policies.
Melting snow can inflict significant damage to property, warns the I.I.I.
In March 1993, a 20-state winter storm caused $1.7 billion in insured losses, making it the ninth largest insured catastrophe in the U.S.
The 2002 winter season resulted in $265 million in insured losses.
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