Free insurance against bombs to end Tuesday
Thereafter home owners must provide own war damage coverage
Washington (Scripps-Howard Newspaper Alliance) –
Something to do something about – quick – is war damage insurance for your home.
After June 30, next Tuesday, your home is not protected from damage from bombing attacks, for at that time the free insurance which had been provided by President Roosevelt’s executive order soon after Pearl Harbor expires. To be protected thereafter, you must take out a policy through one of the commercial companies.
The War Damage Corp. is being swamped with inquiries, indicating that many people are awake to the potential danger. Shells fell on Oregon, and bombs may fall elsewhere in token raids.
10 cents a hundred
For home, both city and farm, the rate is 10 cents a $100. Rates vary for other types of property.
This insurance is, in effect, government-guaranteed. 10% of all losses in excess of net premiums collected after expense will be assumed by insurance companies cooperating in the program, but only up to an aggregate loss of $20 million, after which the loss is borne by the government.
The RFC had advanced $1 billion to the War Damage Corp. as an insurance reservoir.
Protection up to $10,000
Jewelry, furs, precious, and semi-precious stones, statuary, paintings. Pictures, etchings, antiques, stamp and coin collections and manuscripts will be protected for individual owners up to $10,000, with a $5,000 limit for any one article, and for museums and dealers up to $100,000, with a $5,000 limit for any one article. Jewelry and furs up to $1,000 may be included as residential contents under the 10-cent rate.
No protection will be given for accounts, bills, currency, deeds, evidences of debt, securities, money and bullion.
Pleasure watercraft and aircraft are protected up to $10,000, while not in use.
Growing crops can also be protected, to a maximum of $100,000 per single owner.