While the unfolding events this weekend in New York and New Jersey are unsettling, it’s good to know that if the home you own were damaged by an explosion and fire, personal insurance policies have you covered.
A standard Homeowners Insurance policy will cover you for damage to the property and personal possessions due to explosion, fire and smoke—the likely causes of damage in a terrorist attack.
Damage to common areas of a building like the roof, basement, elevator, boiler and walkways would be covered providing terrorism coverage has been purchased.
Standard Renters Insurance policies include coverage for damage to personal possessions due to a terrorist attack. However, coverage for the apartment complex itself must be purchased by the property owner or landlord.
Is my car covered?
If your car is damaged or destroyed in an explosion your auto insurance policy will cover the damage if you have purchased “comprehensive” coverage.
As a new business owner, where do I purchase a commercial terrorism insurance policy?
By going to a licensed commercial insurance agency . Agents are required to offer coverage against terrorist attacks and many owners of commercial property, such as office buildings, factories, shopping malls and apartment buildings, have purchased the coverage.
Insight: It has been estimated that some 60 percent of U.S. businesses have purchased terrorism insurance, up from 27 percent in 2003.
Is ‘acts of terrorism’ included in my business insurance policy?
Acts of terrorism are excluded from most standard business insurance policies. Talk to your insurance agent about obtaining the correct coverage.
If my business is involved in an attack, will I be automatically covered?
No, even if you have a commercial terrorism insurance policy, losses are only covered if the government officially certifies an attack as an act of terrorism. Several criteria must be met for the certification to be made. If property/casualty losses do not exceed $5 million in the aggregate, the act will not be certified as an act of terrorism.
If I was injured at work by an ‘act of terrorism’ would I be covered?
Workers compensation—a compulsory line of insurance for all businesses—covers employees injured or killed on the job and therefore automatically includes coverage for acts of terrorism.
Check out more facts and statistics on terrorism
Thumann Agency Inc
12770 Coit Road Suite 110 Dallas, TX 75251
Phone: (972) 991-9100 | Fax: (972) 690-1733