With State Farm announcing it has settled nearly a million claims for damages caused by storms, wildfires and other severe weather this year, Online Auto Insurance advises consumers to remember how powerful nature can be when deciding how much coverage they need for their vehicles and homes.
State Farm officials announced this week that the company has paid out more than $5 billion on policies covering everything from residences in Vermont to cheap
car insurance in Arkansas.
“Our claims teams have risen to the challenge, and we are prepared with the necessary resources to respond,” Brian Boyden, executive vice president of the company, said in a statement.
The claim totals underscore the importance of being sufficiently insured to recover from devastating weather events, according to OAI.
Homeowner policies typically protect against losses due to fire, according to the Insurance Information Institute. And federal programs exist that can insure residence against losses due to flooding from hurricanes, tropical storms, heavy rains and other weather conditions.
But only those auto policies that include comprehensive coverage protect vehicles against fire- and flooding-related damages.
OAI advises consumers who have vehicles that are relatively new or high in value to consider spending a little more for a policy that includes comprehensive coverage, which is not legally required in any state except as a condition of an auto loan.
Comprehensive coverage protects policyholders against fire, flooding and other weather-related damage to the insured car, as well as theft, vandalism and other losses, including smashed or scratched windshields.
Comprehensive usually comes with a deductible of $100 to $500, but consumers should think about choosing a higher deductible to take advantage of lower monthly premiums, according to III.
To read more about this and other safety and insurance issues, go to
http://www.onlineautoinsurance.com/arkansas/ where you will find informative resource pages and a free-to-use quote-comparison generator that consumers can use to get sample premiums for many vehicle makes and models.
