(July 30, 2013) According to a recent Insurance Information Institute (I.I.I) survey, about one in five consumers say they purchase less insurance coverage because they expect relief after a natural disaster.
President of I.I.I., Bob Hartwig, said that Sandy caused $18.8 billion in private insured losses and widespread flooding. The average National Flood Insurance Program payout was $51,996. However, the storm's destruction has convinced few homeowners to buy flood insurance.
Of I.I.I. poll respondents who had homeowners insurance but no flood policy, only four percent of those in the Northeast said Sandy and the 2011's Hurricane Irene motivated them to buy flood coverage, Hartwig said. Nationwide, three percent of such consumers said the same.
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