Insurance news from fertilizer plant explosion includes high initial estimates

Insurance News

Insurance NewsThe most recent figures say that the damages in West could be worth up to $100 million.

According to the latest insurance news estimates from an industry group, the damage that resulted from the fertilizer plant explosion in West, Texas, could reach as high as $100 million.

This estimate includes not only the damage to the plant, itself, but also to the nearby homes.

According to the insurance news release from a spokesperson for the Insurance Council of Texas, Mark Hanna, there were approximately 140 homes that were destroyed in the explosion. Beyond those that were completely destroyed, there were almost 300 more houses that suffered moderate to severe damage because of the blast.

However, the insurance news did not stop at the homes and the plant, there were other buildings, too.

The latest insurance news estimates also showed that the region contains a retirement home, an apartment building, businesses, and schools, which had all sustained damage from the explosion that leveled the fertilizer plant. Hanna also pointed out that it wasn’t just structures, but other expensive items such as vehicles, which were damaged. He believes that there were hundreds of cars, trucks, SUVs and other vehicles that were damaged or destroyed when the plant blew up.

Hanna stated that “The insured losses should reach $100 million as soon as adjusters are allowed to inspect all of the structures and vehicles that were damaged.” He also went on to add that “As far as I can tell, every policyholder in West has been contacted by their insurance company and help has been offered.”

When asked about the number of people who were not insured, Hanna released the unfortunate insurance news statement that this was in the “high” zone in West. Furthermore, the American Red Cross has already met with over 180 families that require assistance in finding a place to stay, as well as to obtain financial help.

The losses sustained by these uninsured individuals were not included in the estimates that Hanna released as a part of his insurance news prediction of $100 million in losses. The American Red Cross Texas Disaster Officer, Charles Blake Jr. has announced that this organization will be paying the first month of rent for individuals and families who need a place to live.

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