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Consumers don't have disaster insurance

Posted On Tue, September 6, 2011

A recent study by J.D. Power and Associates found that a significant amount of consumers are who are in areas that are prone to disasters do not have sufficient home insurance.

With the significant amount of disasters throughout the summer - specifically Hurricane Irene in late August - fewer than 10 percent of consumers had flood insurance prior to the storm, according to the 2011 U.S. National Homeowners Insurance Study. When it comes to the southeastern United States, only 25 percent of homeowners have flood insurance.

"Unfortunately, the majority of homeowners affected by Hurricane Irene were not covered for flood damage, and many may find their claims denied," said Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates.

Without having sufficient disaster insurance before a disaster, the homeowner could be in trouble, as they will not have sufficient coverage, Bowler added.

Of those who have insurance policies, fewer than 20 percent wouldn't have enough insurance to rebuild their home, the study found. It is important for people to ensure they have enough coverage before buying into a plan. It may be a good idea to explore different insurance quotes before deciding on a plan.

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