Polar vortex sends snow to Georgia, causing serious damage to insured property and vehicles
Georgia became a victim of unexpected snow storms recently. The state is unaccustomed to experiencing such events and, as such, the snow caused a great deal of damage to homes and vehicles. The snow storms that Georgia has been experiencing are linked to the so called polar vortex phenomenon that has cause temperatures to plummet throughout the U.S. States that typically experience very mild winter seasons have seen heavy snowfall as a result of the polar vortex. In these states, insured losses are particularly high.
Snowfall caused an estimated $10 million in damage throughout the state
According to the state’s Department of Insurance, an estimated $10 million in damages to insured properties and vehicles has been caused by the recent snow storm. Insurance claims have been flowing in since the snow began to fall. As little as one inch of snow was enough to cause major highways to shut down due to various car accidents had been reported. Properties were also affected by the snowfall, which lead to significant water damage as well as other problems throughout the state.
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Damage estimates to be affected as insurance claims are assessed
The damage estimates highlighted by the Department of Insurance are based on insurance claims being fielded by the state’s insurers. Insurance Commissioner Ralph Hudgens notes that estimates are based only on a small sampling of insurance claims. Insurers are still gathering and assessing claims that are coming in throughout the state. The estimates provided by the state agency are likely to change as more claims are assessed by insurers, but whether or not the estimated cost of damages will be significantly affected is unclear at this time.
Polar vortex sparks strange weather events throughout he US
The polar vortex has been linked to strange weather conditions throughout the U.S. Nearly every state in the country has experienced freezing temperatures as a result of the climatic phenomenon and snow has been reported in parts of the country that have traditionally seen snowfall only very rarely during the winter months. The insurance industry is expected to suffer a financial blow from the polar vortex, which may translate into higher insurance rates in the future.