ACE Select Markets Gives “Top Ten” Disaster Protection Tips for Homeowners

June 11, 2004

ACE Select Markets has published a list of its “Top Ten Tips” for homeowners on what to do to prevent and/or mitigate the consequences when a natural disaster strikes.

“Devastating floods in the United States cause more than $2 billion in property damage each year,” the bulletin noted. “Most homeowners and business insurance policies do not cover flood loss. Many homeowners’ policies also may exclude or do not adequately cover damages caused by mudslides, wind, hail and other disasters.”

“Imagine that your family is driven from your home by a disaster like flooding, fire, mudslides or damage caused by windstorms. Expenses, like temporary housing, transportation, clothing and food mount. You may even lose wages. Will you be able to make your mortgage payments?” asked Kimberle Kennedy, Vice President, ACE Select Markets. “Disaster Mortgage Protection (DMP) insurance is designed to supplement the basic homeowner’s policy and protect those most at risk of losing their homes should a disaster strike.”

The steps ACE suggests are summarized as follows:
1. Be an informed consumer – understand the terms of your policy before a disaster strikes.
2. Ensure that you are fully covered and that in the event of a disaster you can pay your mortgage.
3. Know what insurance products and services are available to you and how they are handled.
4. Purchase supplemental insurance coverage.
5. Know the hidden costs of a disaster, which included lost income and temporary housing expenses.
6. Understand your deductibles.
7. Know who your insurance agent or company is and how to file a claim. Be sure you have easy access to contact information for your insurance agent. Keep insurance policies in a secure location along with a list of valuable possessions and any pertinent paperwork.
8. Keep contact information on contractors, as their services are in high demand following a disaster.
9. Be aware of local government agencies that react to disasters and the scope of their responsibilities.
10. Evaluate Your Risks. If you live in a region in the U.S. with a known history of hurricanes, floods, wildfires, mudslides, tornadoes or other wind occurrences, research your additional mortgage protection insurance options. Take action before seasonal weather occurrences and other disasters strike.

According to Ms. Kennedy, the more educated homeowners are about protecting their investment in their homes from the costs associated with disasters like fire, mudslides, tornadoes and floods, the better. “Disaster Mortgage Protection insurance is an affordable safety net that may mean the difference between losing everything and being able to regroup and rebuild in the wake of disaster,” she stressed.

The full text of the bulletin, as well as further information on the company’s insurance products and services throughout the U.S., can be obtained on its Web site at:

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