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-- of thousands of homeowners along the East Coast in New England suffering property damage from winds -- in the floods of hurricane Irene as the clean it gets underway.
-- -- the insurers prepared to tackle this surge of claims joining us now by telephone is mark -- delivery Allstate's senior vice president of claims.
Mark thanks for joining us interest seeing that Allstate shares are up 7% in coming off of Adams reporting that it's likely that much of the damage caused by the storm might not be covered at least at that it.
-- leading up to what we're expecting from the storm.
If yes or thank you so much for having me how much I appreciate the opportunity.
I'm I think as we Begin to initially assessed the damages and determine relief what is covered there's going to be a whole lot of -- Here that.
Obviously are covered under the different policies that we write homeowner policies auto boat.
A -- so I do think you'll see some.
-- a great response small state a great response to me churn in the street -- past.
-- much -- -- made that.
I mean 'cause a lot more wider damage than wind damage so how does that affect -- -- in terms of your policy holders.
-- there are differences between policies but a lot of your standard homeowner policies cover wind they do not cover flood damage.
So in this case I think we'll have a whole lot of policies that for my -- perspective there is coverage for it.
A lot of people have purchased through the National Flood Insurance Program what policies.
So we are responding to those we are servicing company for that so we look at a lot of those planes they ultimately will be -- under that program so.
-- how much damage are you able to assess now.
How much damage needs more time seemed to be able to calculate.
We we have over a thousand people already on the -- we have been receiving.
Reports from our customers since about Saturday night.
We have a pretty good idea on where the damages where the expanded as we are getting in and individually handling of the claim.
If you look at the macro level I think -- -- probably still a few weeks away from having a really solid estimate of what the exposure will.
So what does it mean a disaster like I read for -- -- other insurance companies how well financially positioned are you obviously investors very confident.
In your public company here today -- shares up more than 7% addition viewers that chart stock.
-- we are.
Very well capitalized financially we will have no problem at all responding to Irene.
Operationally we -- have no problems at all responding to -- -- -- we've got the resources in place we've got people in place.
We are positioned very very well to respond both operationally and financially.
There's been discussion and concern that because of the broader economic challenges not as many people have been able to subscribe to insurance policies have you seen that with -- -- So we have seen over probably the last -- it's been years the people looked at things like higher deductibles.
You know trying to manage their personal finances is as much as they can.
And so I think that has happened so we do have people who probably have a little higher deductibles that they may be would have.
Prior to let's say 2000 and H.
I do think especially -- side that people still do have.
-- coverage they still do have policies there's still are helping themselves manage the risk of events like -- A -- was really wake up call the tune in your carry have not leaky roof but I don't live in a flood zones I don't have flood insurance but what is your advice mark for.
People kind of re assessing our insurance coverage we do need to take out new policies or do you think signing on meteorologist but is is just a reminder that I guess anything can happen mother nature goes and does which is gonna new.
It's absolutely so there is risk where I guess wherever you are.
I would I would almost anybody that a good complement to -- homeowner policy with Allstate would be a flood policy.
I think economic completes the -- circle that I think for most people will.
-- give them the right coverage or most of the rest becomes.
What about something that combines wind and flood damage and I know there's also -- differentiate should between hurricane vs tropical storm I mean is there a way to umbrella all of that together.
Within and one policy I think that would be a a difficult task.
And I think -- when you look at flood.
For the most part a lot of people don't have that exposure so they don't -- the policy you only get what policies and areas that social flood prone for the most part.
Private insurance as a hard time addressing that's I think that's where appropriately so the federal government stepped in with a program years ago.
It helps -- -- that I think you can give yourself the right protection.
But it'll take more than one policy to do -- but I think -- Allstate homeowner policy along with what -- is a pretty good start.
I appreciate your timing your insights and your advice -- -- Mark -- delivery of -- thanks again in and good luck Kennedys are busy days for you ahead.
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