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  • How does terrorism affect my insurance?
  • June 29, 2015
  • does insurance cover terror attacks

    Here are a number of tips you should look for when trying to determine if your insurance policy covers acts of terrorism, according to the International Risk Management Institute, Inc. (IRMI).

    • Compare definitions of terrorism used by insurance providers. Check policies for a general definition that provides a comprehensive claims process.

    • Few providers can protect against dangerous behavior by individuals. Review a homeowner policy for protection against damages caused by people or machines. These provisions could be used to protect against some damages caused by terrorist acts.

    • The quality of a home’s construction can also play an important role. If a contractor or builder can certify the quality of his work meets certain standards, then a letter detailing the building materials, construction techniques, and photographs of the completed house can help an insurance company gauge a structure’s susceptibility to a terrorist attack.

    • Ask providers for information about financial thresholds for terrorist insurance claims. Insurance companies establish limits for individual incidents and the number of payouts over the life of a policy.

    • Find a provider that specializes in risk management and terrorist insurance. Some providers with international holdings can protect a consumer’s business interests without super-expensive premiums.

    • When reviewing materials from an insurance company, check for the specific definitions of terrorism and coverage. A provider that claims to protect a home or business against biological and chemical attacks should spell these protections out. What is excluded in the event a home or car is destroyed in an attack?

    It is difficult to think about the extraordinary hazards facing this country and the world. But comprehensive coverage designed to protect homes and property is critical to managing risk and moving ahead.

    To learn more about terrorism, look at the U.S. Department of State’s 2010 report.

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