National Hurricane Survival Initiative

Saving Lives & Minimizing Damage -- Is your community prepared?

  • Facebook
  • Twitter
  • About Us
  • Prepare
    • Reinforcing Your Home and Business
    • Approaching Storms
    • Hurricane Safety Checklists
    • Business Checklist
    • Social Media and Disaster Preparedness
    • Evacuating Before the Storm
    • Returning Home
    • More Resources
  • Storm Stats
    • Wind Damage
    • Water Damage
    • Disaster Rankings
  • Blog
  • IQ Quiz
  • Media Kit
  • Contact
  • Get Ready, Florida!
    • Related Articles

Cost Shouldn’t Influence Evacuation Decision

December 3, 2018 by NHSI

Authored by: Alok Jha, CEO of Assured Risk Cover

To leave or to stay? That’s the penetrating question families often face as a hurricane roars ever closer. The decision is based on a number of variables, including:

  • “Is an evacuation order in place?”
  • “Will we be safe in the house?”
  • “Is there enough food and water to last a week to 10 days?”
  • “Is there backup power?”
  • “If we evacuate do we have money to pay for gas, food and lodging?”

Human behavior is a funny thing, because even after carefully considering all of these variables, one’s decision often hinges not on hard data, but on one’s gut. Going with the rest of the crowd is often the default. (“What are Pete and Marge going to do?”) Peer pressure is a powerful force in a crisis (though not as powerful as 110 mph winds).

The New York Times recently reported on the experiences of individuals who evacuated during Hurricane Michael, and a common theme was the cost of evacuation.[1]

Sierra Cardenas of Panama City Beach said hers was a life or death decision. “I have a 2-year-old daughter and I could not take a chance with our lives.” Cardenas expected to be away from home for a prolonged period, and at the time she was interviewed her gas, food and motel bills were already nearing $500, which she put on a credit card.

Kelly Gerig of Panama City had spent nearly $800. Vanessa Feigel had spent $500 for food, lodging and gas – which was coming out of the family’s savings. Even though the military paid Jody Walton’s evacuation expenses, she wasn’t sure how she could afford her Homeowner’s deductible.

Most Homeowners policies don’t cover evacuation expenses so residents have to dig deep into their pockets or put everything on a credit card. In a survey conducted this summer by National Hurricane Survival Initiative and FAIR Foundation, nearly one-fourth (23%) said at one time or another in their life they’ve stayed put during a hurricane because of the cost of evacuation.

One-fifth of the survey respondents said they paid between $300 and $500 to evacuate from Hurricane Irma, while 40% spent $500 or more.

The first few days (and weeks) after a hurricane can be paralyzing. While it’s difficult to be prepared physically and emotionally to face what may come, it’s now easier than ever to be prepared financially for those first 24 to 72 hours. A new type of insurance called StormPeace pays immediately after a hurricane and the funds can be used for expenses not covered by a Homeowners policy as well as the deductible.

In fact, some Florida residents who can’t afford Homeowners insurance have relied on StormPeace and its low premiums to get back of their feet; $1.25 a day can buy up to $10,000 worth of coverage. StormPeace is parametric insurance, which means the payout is based on preset parameters: the strength of the hurricane and its distance from the insured’s address. There’s no claims process and unlike traditional insurance all claims from Michael have been settled, most of them within 24 hours.

Reacting to the Times article one reader wrote, “This is a sobering reminder of how many people in this country are just a few hundred dollars away from real financial hardship.”

Parametric insurance like StormPeace is a product that’s long overdue. It helps people get back on their feet faster without having to exhaust their savings or max out a credit card. So the next time evacuation orders are posted the decision to stay or go will be easy.

 

[1] https://www.nytimes.com/2018/10/13/reader-center/evacuation-hurricane-michael.html

Filed Under: Get Ready, Florida Tagged With: Assured Risk Cover, evacuation, gap coverage, Hurricane Michael, StormPeace

Don’t Go Into Another Hurricane Season Without This Important Business Tool

August 31, 2018 by NHSI

Speed of recovery means everything for businesses. You don’t want to wait days or weeks after a hurricane to reopen, because that’s lost income. What’s more, many businesses see a surge in demand after a hurricane, so they absolutely have to stay open or at least minimize downtime.

That’s why Assured Risk Cover created StormPeace for businesses. It’s designed to give business owners the cash infusion they need immediately after a hurricane so they can get back on their feet quickly.

Business interruption coverage is becoming increasingly popular, yet it has its limitations. Most commercial insurance policies require proof of physical damage before they will pay for business interruption. StormPeace, however, offers business interruption coverage with or without physical damage, because often all it takes is a power outage or evacuation order to force a business to close its doors.

Florida businesses are preparing for this hurricane with StormPeace – because the faster they recover, the sooner their customers and the local economy benefit. They can apply the funds toward a wide variety of expenses, including:

  • Temporary location rental
  • Transportation
  • Debris cleanup
  • New equipment
  • Business income loss or payroll expenses
  • Repairs

Like the StormPeace residential policy, applying for business coverage is simple. Just provide your business name and address and choose a policy limit, up to $60,000 and lower than your hurricane deductible, if you have one. There’s a simple, painless claims process and you’ll receive your payment within hours of the hurricane. The amount you receive is calculated based on the strength of the storm and its distance from your business location. It doesn’t matter how the loss was caused (e.g. by wind, flying debris, water, rain, storm surge, or mold from water), so long as the triggers are met.

According to FEMA, 40% of small businesses never reopen after a disaster, and another 25% that do reopen fail within a year. A small business can be extremely vulnerable to a major weather event, and it represents years of sweat equity and investment. The stakes are too high to leave anything to chance.

Get started at www.stormpeace.com today!

Filed Under: Blog, Get Ready, Florida Tagged With: Assured Risk Cover, business, hurricane, insurance, parametric insurance, StormPeace

Assured Risk Cover Making Big Waves in Immediate Protection for Hurricane-Prone Florida

August 23, 2018 by NHSI

CLEARWATER, FL & PLEASANTON, CA — While much of Florida is still recovering from the catastrophic damage caused by Hurricane Irma, many Sunshine State residents and businesses have found there’s a way to bounce back from a storm faster than ever before. When a hurricane hits and there are immediate costs, homeowners and commercial insurance usually don’t offer a quick fix — that’s where StormPeace comes in.

Unpredicted expenses such as debris removal, business interruption, spoiled food replacement, and evacuation costs rapidly add up and aren’t covered by the average homeowners and commercial insurance policy. StormPeace is parametric insurance offered by Assured Risk Cover that automatically pays eligible policyholders based on the strength of the hurricane and distance of the hurricane track at its closest point from their property. Policyholders can use the funds for virtually any hurricane-related costs.

“Our company paid 100 percent of eligible claims for Hurricane Irma, most within 24 hours of attestation,” said Alok Jha, CEO and founder of Assured Risk Cover. “With experts predicting active storm seasons to be the new normal, it’s crucial that residents are aware of products that will better help them recover from what is an inevitable event in the state of Florida.”

StormPeace recently partnered with the FAIR Foundation and the National Hurricane Survival Initiative to produce the 30-minute TV special, Get Ready, Florida! Through this sponsorship, the company was able to educate Floridians on how preparing early for the unexpected is necessary particularly in a state with 1,300 miles of coastline.

“Because of StormPeace, I can enter hurricane season with greater peace of mind,” said Jay Neal, CEO of the Florida Association for Insurance Reform. “Renewing my policy is now a part of my pre-season preparation — it’s comforting to know that many unplanned storm costs will be immediately covered.”

###

ABOUT ASSURED RISK COVER

Assured Risk Cover (ARC) is a venture-backed Silicon Valley corporation based in Pleasanton, California. ARC is founded by an experienced team of catastrophe risk professionals whose singular vision is to bring immediate financial relief to people globally following catastrophes. Alok Jha (CEO), Kanwal Rekhi (lead investor from Inventus Capital Partners) and Kevin Schrage (former President of Aon Smalln Commercial Lines) form the Board of Directors of ARC. StormPeace is backed by highly rated insurance and reinsurance companies—ranked A- and A+ by A.M. Best, respectively. For more information, visit www.stormpeace.com and www.assuredriskcover.com.

 

Filed Under: Blog Tagged With: Assured Risk Cover, Florida, hurricane preparation, hurricane season, parametric insurance, StormPeace

© 2023 · hurricanesafety.org