Little Inventory, Not Enough Coverage

More than half of Americans don’t have a home inventory of their possessions, according to a February 2012 survey from the National Association of Insurance Commissioners (NAIC). This fact was highlighted by the many Joplin residents who were underinsured when the May 22 tornado destroyed homes and apartment buildings.

“Some consumer issues we were not able to help people with because they simply did not have an adequate amount of coverage,” said Missouri insurance director, John M. Huff.

Of the 7,000 people who were displaced in the tornado zone, slightly more than 40 percent had no insurance, said Steve Keeney, a Shelter Insurance catastrophe adjuster.

“They were renters and tenants that were in so many older structures that were apartment houses.” Keeney said.

The underinsured situation has prompted a consumer awareness campaign on the subject, Huff said.