PCI Outlines Three Mistakes to Avoid This Tornado Season
New Poll Finds Most Americans Say They Are Prepared for Severe Weather; But Few Have Taken Key Steps for Preparedness
As tornado season hits its peak in May, a recent survey conducted by Harris Poll on behalf of PCI found that nearly 3 out of 5 Americans say they are prepared for natural disasters or severe weather with adequate insurance, supplies and a response plan. However when asked about specific actions they had taken, only 21 percent actually have a disaster response plan that includes things like an emergency supply kit with food, water and first aid.
The survey conducted online within the United States from March 20-24, 2015 among 2,021 adults ages 18 and older also found that there is widespread agreement, 89 percent, that having adequate insurance should be part of being prepared for natural disasters or severe weather. But only 17 percent of Americans have conducted a home inventory and just 15 percent have talked with their insurer about additional coverages such as flood insurance.
“This gap in preparedness could be the difference in how smooth your recovery will be in the aftermath of a storm,” said Chris Hackett, director - personal lines policy for PCI. “The best way to reduce the chance you’re surprised if you sustain damage due to a severe weather event, is to talk with your insurance agent or company each year to go over your coverage. Additionally, there are a few simple steps people can take in advance of a storm to make the recovery process easier. We encourage consumers to know the severe weather warning signals used in their community and be prepared to take cover when alerted. Maintaining an emergency storm kit with a radio, flashlight, batteries and first-aid items is the first step in preparation. Other steps include conducting tornado drills with your family and ensuring that your property is adequately insured.”
Three Mistakes to Avoid This Tornado Season
Mistake #1: Fail to conduct yearly insurance review
Conducting an annual review of your insurance policy helps to ensure that your home and belongings are fully protected. It provides you with the opportunity to address potential gaps in coverage. Additionally it enables you to talk with your insurance company or agent, ask questions and gain a better understanding regarding your coverage. Over the course of a year, you may have made upgrades, completed renovations or purchased new items that could impact the amount of homeowners insurance coverage you need. You may be pleasantly surprised that it is fairly quick and easy to conduct the annual review.
Mistake #2: Don’t take time to understand their coverage
About the last thing most people want to do is read their insurance policy. Unfortunately after every major event some residents are caught financially unprepared and there is the all too common refrain – I thought I was covered! While insurance covers many situations, it is important to talk with your insurance company or agent regarding how your coverage works. You may have valuables that require a special endorsement to the policy or you may want to add sewer back up coverage for an added measure of protection. By doing a home inventory and conducting an annual insurance review you can ask questions about your policy and ensure you have adequate coverage for your circumstances.
Mistake #3: Fail to make a home inventory
Developing a home inventory may seem like a tedious task, but after a natural disaster you will be glad you took the time to create it. The inventory lists all of your home’s contents so you can quickly and easily account for all of your belongings and report the loss to your insurance company. Without it you may have to rely on your memory to determine what you lost.
Begin the process by doing a home inventory of your possessions by checking with your insurance company, it may have tools available to assist you. Additionally there are other resources you can use such as the Insurance Information Institute’s Know Your Stuff Home Inventory https://www.knowyourstuff.org/iii/login.html
Inventories can be completed in a variety of ways using online tools, apps or specially-designed software. However, you can also take the DIY approach with a spreadsheet or the trusty pen and paper method. With cell phone cameras and video being so common, many people simply walk through their home and create a visual record of everything they own.
Tornado Season Is Heating Up
Tornado activity increased sharply in April and if May is consisent with the 10-year average we could be in store for over 200 twisters this month alone. May is the most active month for tornadoes which means everyone, but most particularly the residents in tornado alley should take steps to prepare. PCI's Tornado Headquarters offers tips and information to help residents prepare physically as well as financially for tornado season.
Survey Methodology:
This survey was conducted online within the United States by Harris Poll on behalf of PCI from March 20-24, 2015 among 2,021 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Jeffrey Brewer, vice president, public affairs for PCI.
About The Harris Poll
Over the last 5 decades, Harris Polls have become media staples. With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers’ motivations and behaviors, The Harris Poll has gained strong brand recognition around the world. The Harris Poll offers a diverse portfolio of proprietary client solutions to transform relevant insights into actionable foresight for a wide range of industries including health care, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer packaged goods. Contact us for more information.
About PCI
PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of more than 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write more than $210 billion in annual premium, 39 percent of the nation's property casualty insurance. Member companies write 47 percent of the U.S. automobile insurance market, 33 percent of the homeowners market, 36 percent of the commercial property and liability market, and 39 percent of the private workers compensation market.
